DDM Analysis: 603416.SS

Valuation Snapshot

Stable Growth	$117.28 - $324.74	$304.33
Multi-Stage	$46.18 - $50.49	$48.30
Blended Fair Value	$176.31
Current Price	$63.05
Upside	179.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.72%	14.27%	0.22	0.18	0.25	0.27	0.16	0.15	0.14	0.13	0.08	0.12
YoY Growth	-	-	26.56%	-30.77%	-7.14%	75.00%	6.67%	5.63%	10.44%	64.38%	-35.40%	101.79%
Dividend Yield	-	-	0.37%	0.58%	0.58%	0.84%	0.21%	0.42%	0.47%	0.39%	0.19%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	234.45
(-) Cash Dividends Paid (M)	138.88
(=) Cash Retained (M)	95.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.89	29.31	17.58
Cash Retained (M)	95.57	95.57	95.57
(-) Cash Required (M)	-46.89	-29.31	-17.58
(=) Excess Retained (M)	48.68	66.26	77.99
(/) Shares Outstanding (M)	143.58	143.58	143.58
(=) Excess Retained per Share	0.34	0.46	0.54
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	0.34	0.46	0.54
(=) Adjusted Dividend	1.31	1.43	1.51
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$117.28	$304.33	$324.74
Upside / Downside	86.01%	382.69%	415.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	234.45	249.69	265.92	283.21	301.62	321.22	330.86
Payout Ratio	59.24%	65.39%	71.54%	77.69%	83.85%	90.00%	92.50%
Projected Dividends (M)	138.88	163.27	190.25	220.04	252.90	289.10	306.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	151.62	153.05	154.49
Year 2 PV (M)	164.06	167.18	170.34
Year 3 PV (M)	176.20	181.26	186.42
Year 4 PV (M)	188.06	195.29	202.73
Year 5 PV (M)	199.64	209.28	219.29
PV of Terminal Value (M)	5,750.60	6,028.35	6,316.74
Equity Value (M)	6,630.18	6,934.43	7,250.01
Shares Outstanding (M)	143.58	143.58	143.58
Fair Value	$46.18	$48.30	$50.49
Upside / Downside	-26.76%	-23.40%	-19.91%

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WuXi Xinje Electric Co.,Ltd. (603416.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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