DDM Analysis: 688301.SS

Valuation Snapshot

Stable Growth	$159.82 - $579.46	$504.03
Multi-Stage	$73.32 - $80.22	$76.71
Blended Fair Value	$290.37
Current Price	$115.76
Upside	150.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	270.15%	0.00%	1.38	1.17	0.86	0.39	0.02	0.00	0.00	0.00	0.00	0.16
YoY Growth	-	-	17.51%	35.80%	122.03%	2,404.59%	683.00%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.68%	1.02%	0.65%	0.29%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	545.59
(-) Cash Dividends Paid (M)	185.24
(=) Cash Retained (M)	360.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	109.12	68.20	40.92
Cash Retained (M)	360.35	360.35	360.35
(-) Cash Required (M)	-109.12	-68.20	-40.92
(=) Excess Retained (M)	251.23	292.15	319.43
(/) Shares Outstanding (M)	187.25	187.25	187.25
(=) Excess Retained per Share	1.34	1.56	1.71
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	1.34	1.56	1.71
(=) Adjusted Dividend	2.33	2.55	2.70
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$159.82	$504.03	$579.46
Upside / Downside	38.06%	335.41%	400.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	545.59	581.05	618.82	659.04	701.88	747.50	769.93
Payout Ratio	33.95%	45.16%	56.37%	67.58%	78.79%	90.00%	92.50%
Projected Dividends (M)	185.24	262.41	348.84	445.39	553.01	672.75	712.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	242.86	245.16	247.46
Year 2 PV (M)	298.78	304.47	310.21
Year 3 PV (M)	353.04	363.17	373.50
Year 4 PV (M)	405.68	421.28	437.33
Year 5 PV (M)	456.74	478.80	501.70
PV of Terminal Value (M)	11,971.80	12,550.04	13,150.41
Equity Value (M)	13,728.89	14,362.92	15,020.61
Shares Outstanding (M)	187.25	187.25	187.25
Fair Value	$73.32	$76.71	$80.22
Upside / Downside	-36.66%	-33.74%	-30.70%

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iRay Technology Company Limited (688301.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener