DDM Analysis: 300450.SZ

Valuation Snapshot

Stable Growth	$11.28 - $25.63	$16.40
Multi-Stage	$8.03 - $8.78	$8.40
Blended Fair Value	$12.40
Current Price	$62.22
Upside	-80.07%
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	14.86%	36.84%	0.36	0.54	0.50	0.18	0.11	0.18	0.07	0.03	0.05	0.02
YoY Growth	-	-	-32.88%	7.57%	181.47%	66.10%	-40.77%	178.91%	86.34%	-27.67%	118.84%	39.95%
Dividend Yield	-	-	1.72%	2.16%	1.24%	0.31%	0.22%	0.77%	0.27%	0.15%	0.36%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	863.95
(-) Cash Dividends Paid (M)	152.24
(=) Cash Retained (M)	711.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	172.79	107.99	64.80
Cash Retained (M)	711.70	711.70	711.70
(-) Cash Required (M)	-172.79	-107.99	-64.80
(=) Excess Retained (M)	538.91	603.71	646.91
(/) Shares Outstanding (M)	1,557.07	1,557.07	1,557.07
(=) Excess Retained per Share	0.35	0.39	0.42
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.35	0.39	0.42
(=) Adjusted Dividend	0.44	0.49	0.51
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.28	$16.40	$25.63
Upside / Downside	-81.88%	-73.64%	-58.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	863.95	920.10	979.91	1,043.60	1,111.44	1,183.68	1,219.19
Payout Ratio	17.62%	32.10%	46.57%	61.05%	75.52%	90.00%	92.50%
Projected Dividends (M)	152.24	295.33	456.37	637.11	839.41	1,065.31	1,127.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	266.80	269.33	271.86
Year 2 PV (M)	372.47	379.56	386.72
Year 3 PV (M)	469.75	483.23	496.97
Year 4 PV (M)	559.12	580.63	602.74
Year 5 PV (M)	641.06	672.02	704.17
PV of Terminal Value (M)	10,201.01	10,693.72	11,205.29
Equity Value (M)	12,510.21	13,078.49	13,667.76
Shares Outstanding (M)	1,557.07	1,557.07	1,557.07
Fair Value	$8.03	$8.40	$8.78
Upside / Downside	-87.09%	-86.50%	-85.89%

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Wuxi Lead Intelligent Equipment CO.,LTD. (300450.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener