DDM Analysis: 688663.SS

Valuation Snapshot

Stable Growth	$71.97 - $196.23	$183.89
Multi-Stage	$28.06 - $30.69	$29.35
Blended Fair Value	$106.62
Current Price	$40.20
Upside	165.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	46.13%	34.25%	0.41	0.27	0.25	0.19	0.31	0.06	0.05	0.03	0.04	0.00
YoY Growth	-	-	50.75%	8.46%	33.62%	-39.33%	402.72%	28.96%	38.51%	-17.27%	0.00%	-100.00%
Dividend Yield	-	-	1.59%	1.22%	0.68%	0.62%	1.38%	0.27%	0.00%	0.15%	0.19%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.13
(-) Cash Dividends Paid (M)	83.15
(=) Cash Retained (M)	54.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.63	17.27	10.36
Cash Retained (M)	54.98	54.98	54.98
(-) Cash Required (M)	-27.63	-17.27	-10.36
(=) Excess Retained (M)	27.36	37.72	44.62
(/) Shares Outstanding (M)	139.99	139.99	139.99
(=) Excess Retained per Share	0.20	0.27	0.32
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.20	0.27	0.32
(=) Adjusted Dividend	0.79	0.86	0.91
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$71.97	$183.89	$196.23
Upside / Downside	79.03%	357.45%	388.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.13	147.11	156.67	166.86	177.70	189.25	194.93
Payout Ratio	60.19%	66.16%	72.12%	78.08%	84.04%	90.00%	92.50%
Projected Dividends (M)	83.15	97.32	112.99	130.28	149.34	170.33	180.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.39	91.25	92.10
Year 2 PV (M)	97.47	99.32	101.20
Year 3 PV (M)	104.38	107.37	110.43
Year 4 PV (M)	111.13	115.40	119.80
Year 5 PV (M)	117.72	123.41	129.31
PV of Terminal Value (M)	3,407.60	3,572.19	3,743.07
Equity Value (M)	3,928.68	4,108.94	4,295.91
Shares Outstanding (M)	139.99	139.99	139.99
Fair Value	$28.06	$29.35	$30.69
Upside / Downside	-30.19%	-26.99%	-23.67%

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WindSun Science&Technology Co.,Ltd. (688663.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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