DDM Analysis: 300221.SZ

Valuation Snapshot

Stable Growth	$3.58 - $7.24	$5.00
Multi-Stage	$3.21 - $3.52	$3.36
Blended Fair Value	$4.18
Current Price	$8.30
Upside	-49.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-20.06%	-10.46%	0.01	0.00	0.01	0.02	0.02	0.05	0.20	0.16	0.08	0.06
YoY Growth	-	-	452.13%	-65.19%	-62.06%	1.25%	-55.79%	-77.08%	26.08%	104.01%	22.62%	40.39%
Dividend Yield	-	-	0.19%	0.04%	0.14%	0.33%	0.29%	0.97%	2.38%	1.00%	0.49%	0.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.01
(-) Cash Dividends Paid (M)	5.85
(=) Cash Retained (M)	91.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.40	12.13	7.28
Cash Retained (M)	91.16	91.16	91.16
(-) Cash Required (M)	-19.40	-12.13	-7.28
(=) Excess Retained (M)	71.76	79.03	83.88
(/) Shares Outstanding (M)	470.19	470.19	470.19
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	3.99%	4.99%	5.99%
Fair Value	$3.58	$5.00	$7.24
Upside / Downside	-56.85%	-39.79%	-12.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.01	101.85	106.93	112.26	117.86	123.74	127.45
Payout Ratio	6.03%	22.82%	39.62%	56.41%	73.21%	90.00%	92.50%
Projected Dividends (M)	5.85	23.25	42.36	63.33	86.28	111.37	117.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	3.99%	4.99%	5.99%
Year 1 PV (M)	21.17	21.37	21.57
Year 2 PV (M)	35.12	35.80	36.49
Year 3 PV (M)	47.81	49.20	50.62
Year 4 PV (M)	59.31	61.62	64.00
Year 5 PV (M)	69.70	73.11	76.66
PV of Terminal Value (M)	1,276.45	1,339.02	1,404.02
Equity Value (M)	1,509.55	1,580.12	1,653.36
Shares Outstanding (M)	470.19	470.19	470.19
Fair Value	$3.21	$3.36	$3.52
Upside / Downside	-61.32%	-59.51%	-57.63%

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Guangdong Silver Age Sci & Tech Co.,Ltd. (300221.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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