DDM Analysis: 688127.SS

Valuation Snapshot

Stable Growth	$35.24 - $150.74	$86.63
Multi-Stage	$17.68 - $19.34	$18.49
Blended Fair Value	$52.56
Current Price	$32.43
Upside	62.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.14%	32.62%	0.21	0.16	0.15	0.15	0.16	0.08	0.10	0.01	0.05	0.01
YoY Growth	-	-	30.19%	7.16%	1.13%	-5.53%	95.70%	-17.85%	767.71%	-78.82%	370.58%	-9.19%
Dividend Yield	-	-	0.74%	0.74%	0.70%	0.92%	0.78%	0.23%	0.28%	0.00%	0.15%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	308.88
(-) Cash Dividends Paid (M)	81.66
(=) Cash Retained (M)	227.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.78	38.61	23.17
Cash Retained (M)	227.23	227.23	227.23
(-) Cash Required (M)	-61.78	-38.61	-23.17
(=) Excess Retained (M)	165.45	188.62	204.06
(/) Shares Outstanding (M)	407.51	407.51	407.51
(=) Excess Retained per Share	0.41	0.46	0.50
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.41	0.46	0.50
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	7.32%	7.32%	7.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.24	$86.63	$150.74
Upside / Downside	8.67%	167.14%	364.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	308.88	328.96	350.34	373.12	397.37	423.20	435.89
Payout Ratio	26.44%	39.15%	51.86%	64.57%	77.29%	90.00%	92.50%
Projected Dividends (M)	81.66	128.79	181.69	240.94	307.12	380.88	403.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.32%	7.32%	7.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	118.88	120.01	121.13
Year 2 PV (M)	154.82	157.77	160.74
Year 3 PV (M)	189.51	194.95	200.49
Year 4 PV (M)	222.98	231.56	240.38
Year 5 PV (M)	255.26	267.59	280.40
PV of Terminal Value (M)	6,262.00	6,564.46	6,878.49
Equity Value (M)	7,203.45	7,536.33	7,881.63
Shares Outstanding (M)	407.51	407.51	407.51
Fair Value	$17.68	$18.49	$19.34
Upside / Downside	-45.49%	-42.97%	-40.36%

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Zhejiang Lante Optics Co., Ltd. (688127.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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