DDM Analysis: 300628.SZ

Valuation Snapshot

Stable Growth	$125.45 - $399.31	$374.21
Multi-Stage	$54.32 - $59.37	$56.80
Blended Fair Value	$215.50
Current Price	$37.00
Upside	482.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.42%	35.46%	1.50	1.42	0.57	0.46	0.43	0.28	0.19	0.11	0.06	0.09
YoY Growth	-	-	5.07%	149.58%	23.04%	8.80%	50.08%	50.43%	77.78%	92.01%	-36.87%	21.85%
Dividend Yield	-	-	3.66%	5.17%	1.05%	0.83%	0.88%	0.73%	0.79%	0.70%	0.28%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,541.34
(-) Cash Dividends Paid (M)	1,641.20
(=) Cash Retained (M)	900.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	508.27	317.67	190.60
Cash Retained (M)	900.14	900.14	900.14
(-) Cash Required (M)	-508.27	-317.67	-190.60
(=) Excess Retained (M)	391.87	582.47	709.54
(/) Shares Outstanding (M)	1,265.72	1,265.72	1,265.72
(=) Excess Retained per Share	0.31	0.46	0.56
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	0.31	0.46	0.56
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.45	$374.21	$399.31
Upside / Downside	239.05%	911.38%	979.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,541.34	2,706.53	2,882.45	3,069.81	3,269.35	3,481.85	3,586.31
Payout Ratio	64.58%	69.66%	74.75%	79.83%	84.92%	90.00%	92.50%
Projected Dividends (M)	1,641.20	1,885.48	2,154.58	2,450.69	2,776.20	3,133.67	3,317.34

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)	1,748.02	1,764.59	1,781.16
Year 2 PV (M)	1,851.87	1,887.15	1,922.75
Year 3 PV (M)	1,952.83	2,008.88	2,066.01
Year 4 PV (M)	2,050.93	2,129.80	2,210.93
Year 5 PV (M)	2,146.24	2,249.90	2,357.53
PV of Terminal Value (M)	59,001.28	61,851.06	64,809.92
Equity Value (M)	68,751.17	71,891.39	75,148.30
Shares Outstanding (M)	1,265.72	1,265.72	1,265.72
Fair Value	$54.32	$56.80	$59.37
Upside / Downside	46.81%	53.51%	60.47%

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Yealink Network Technology Co., Ltd. (300628.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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