DDM Analysis: 9999.HK

Valuation Snapshot

Stable Growth	$707.31 - $2,246.13	$2,104.95
Multi-Stage	$299.61 - $327.83	$313.46
Blended Fair Value	$1,209.20
Current Price	$192.47
Upside	528.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.78%	18.87%	3.48	2.49	2.09	1.09	1.33	2.75	0.45	1.01	0.79	0.46
YoY Growth	-	-	39.32%	19.19%	91.65%	-18.04%	-51.58%	513.85%	-55.79%	27.94%	73.45%	-25.97%
Dividend Yield	-	-	2.36%	1.78%	1.73%	0.94%	1.00%	2.32%	0.40%	0.98%	0.69%	0.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36,284.32
(-) Cash Dividends Paid (M)	13,232.99
(=) Cash Retained (M)	23,051.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,256.86	4,535.54	2,721.32
Cash Retained (M)	23,051.33	23,051.33	23,051.33
(-) Cash Required (M)	-7,256.86	-4,535.54	-2,721.32
(=) Excess Retained (M)	15,794.47	18,515.79	20,330.01
(/) Shares Outstanding (M)	3,212.66	3,212.66	3,212.66
(=) Excess Retained per Share	4.92	5.76	6.33
LTM Dividend per Share	4.12	4.12	4.12
(+) Excess Retained per Share	4.92	5.76	6.33
(=) Adjusted Dividend	9.04	9.88	10.45
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$707.31	$2,104.95	$2,246.13
Upside / Downside	267.49%	993.65%	1,067.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36,284.32	38,642.80	41,154.59	43,829.63	46,678.56	49,712.67	51,204.05
Payout Ratio	36.47%	47.18%	57.88%	68.59%	79.29%	90.00%	92.50%
Projected Dividends (M)	13,232.99	18,230.21	23,821.16	30,061.92	37,013.32	44,741.40	47,363.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,901.66	17,061.87	17,222.08
Year 2 PV (M)	20,475.69	20,865.69	21,259.38
Year 3 PV (M)	23,956.87	24,644.58	25,345.33
Year 4 PV (M)	27,346.97	28,398.66	29,480.39
Year 5 PV (M)	30,647.74	32,128.04	33,664.99
PV of Terminal Value (M)	843,211.97	883,939.42	926,225.61
Equity Value (M)	962,540.90	1,007,038.27	1,053,197.78
Shares Outstanding (M)	3,212.66	3,212.66	3,212.66
Fair Value	$299.61	$313.46	$327.83
Upside / Downside	55.67%	62.86%	70.33%

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NetEase, Inc. (9999.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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