DDM Analysis: 002131.SZ

Valuation Snapshot

Stable Growth	$14.21 - $16.74	$15.69
Multi-Stage	$9.85 - $10.80	$10.32
Blended Fair Value	$13.00
Current Price	$5.64
Upside	130.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.91%	20.26%	0.05	0.01	0.01	0.04	0.01	0.02	0.03	0.02	0.01	0.01
YoY Growth	-	-	417.92%	21.48%	-78.53%	173.54%	-14.38%	-49.79%	40.83%	58.80%	49.75%	18.91%
Dividend Yield	-	-	1.38%	0.42%	0.33%	1.76%	0.46%	0.43%	1.33%	0.79%	0.34%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	489.16
(-) Cash Dividends Paid (M)	255.42
(=) Cash Retained (M)	233.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.83	61.14	36.69
Cash Retained (M)	233.73	233.73	233.73
(-) Cash Required (M)	-97.83	-61.14	-36.69
(=) Excess Retained (M)	135.90	172.59	197.05
(/) Shares Outstanding (M)	5,809.55	5,809.55	5,809.55
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	2.00%	2.00%	2.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.21	$15.69	$16.74
Upside / Downside	152.00%	178.24%	196.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	489.16	520.95	554.81	590.88	629.28	670.19	690.29
Payout Ratio	52.22%	59.77%	67.33%	74.89%	82.44%	90.00%	92.50%
Projected Dividends (M)	255.42	311.39	373.56	442.49	518.80	603.17	638.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.00%	2.00%	2.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	302.41	305.28	308.15
Year 2 PV (M)	352.33	359.04	365.81
Year 3 PV (M)	405.31	416.95	428.80
Year 4 PV (M)	461.51	479.26	497.52
Year 5 PV (M)	521.10	546.26	572.40
PV of Terminal Value (M)	55,163.79	57,828.22	60,594.62
Equity Value (M)	57,206.45	59,935.01	62,767.30
Shares Outstanding (M)	5,809.55	5,809.55	5,809.55
Fair Value	$9.85	$10.32	$10.80
Upside / Downside	74.59%	82.92%	91.56%

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Leo Group Co., Ltd. (002131.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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