DDM Analysis: 600602.SS

Valuation Snapshot

Stable Growth	$1.23 - $1.87	$1.53
Multi-Stage	$1.55 - $1.70	$1.62
Blended Fair Value	$1.58
Current Price	$20.49
Upside	-92.30%
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	0.59%	13.02%	0.06	0.04	0.06	0.06	0.05	0.06	0.06	0.05	0.04	0.04
YoY Growth	-	-	45.56%	-29.31%	8.15%	3.69%	-10.73%	-1.25%	16.08%	38.54%	4.73%	98.60%
Dividend Yield	-	-	0.26%	0.32%	0.54%	0.66%	0.93%	0.85%	0.59%	0.67%	0.41%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	189.67
(-) Cash Dividends Paid (M)	25.17
(=) Cash Retained (M)	164.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.93	23.71	14.23
Cash Retained (M)	164.50	164.50	164.50
(-) Cash Required (M)	-37.93	-23.71	-14.23
(=) Excess Retained (M)	126.56	140.79	150.27
(/) Shares Outstanding (M)	1,365.45	1,365.45	1,365.45
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	0.84%	1.84%	2.84%
Fair Value	$1.23	$1.53	$1.87
Upside / Downside	-93.97%	-92.52%	-90.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	189.67	193.16	196.70	200.31	203.99	207.73	213.96
Payout Ratio	13.27%	28.62%	43.96%	59.31%	74.65%	90.00%	92.50%
Projected Dividends (M)	25.17	55.28	86.48	118.80	152.29	186.96	197.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	0.84%	1.84%	2.84%
Year 1 PV (M)	49.80	50.29	50.79
Year 2 PV (M)	70.19	71.59	73.00
Year 3 PV (M)	86.87	89.48	92.14
Year 4 PV (M)	100.32	104.36	108.52
Year 5 PV (M)	110.95	116.56	122.40
PV of Terminal Value (M)	1,699.83	1,785.80	1,875.22
Equity Value (M)	2,117.95	2,218.08	2,322.06
Shares Outstanding (M)	1,365.45	1,365.45	1,365.45
Fair Value	$1.55	$1.62	$1.70
Upside / Downside	-92.43%	-92.07%	-91.70%

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INESA Intelligent Tech Inc. (600602.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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