DDM Analysis: 603861.SS

Valuation Snapshot

Stable Growth	$71.56 - $84.34	$79.03
Multi-Stage	$45.91 - $50.46	$48.14
Blended Fair Value	$63.58
Current Price	$10.56
Upside	502.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.12%	5.83%	0.18	0.16	0.19	0.16	0.19	0.19	0.14	0.14	0.01	0.10
YoY Growth	-	-	7.92%	-13.74%	21.91%	-18.78%	2.58%	37.24%	-0.54%	1,584.15%	-91.56%	-3.94%
Dividend Yield	-	-	1.88%	1.90%	2.27%	1.82%	2.49%	2.28%	1.05%	0.94%	0.03%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	220.59
(-) Cash Dividends Paid (M)	44.48
(=) Cash Retained (M)	176.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.12	27.57	16.54
Cash Retained (M)	176.11	176.11	176.11
(-) Cash Required (M)	-44.12	-27.57	-16.54
(=) Excess Retained (M)	131.99	148.54	159.57
(/) Shares Outstanding (M)	512.10	512.10	512.10
(=) Excess Retained per Share	0.26	0.29	0.31
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.26	0.29	0.31
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	2.17%	2.17%	2.17%
Growth Rate	3.83%	4.83%	5.83%
Fair Value	$71.56	$79.03	$84.34
Upside / Downside	577.68%	648.35%	698.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	220.59	231.25	242.43	254.14	266.42	279.30	287.68
Payout Ratio	20.16%	34.13%	48.10%	62.07%	76.03%	90.00%	92.50%
Projected Dividends (M)	44.48	78.93	116.60	157.74	202.57	251.37	266.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.17%	2.17%	2.17%
Growth Rate	3.83%	4.83%	5.83%
Year 1 PV (M)	76.52	77.26	77.99
Year 2 PV (M)	109.59	111.71	113.85
Year 3 PV (M)	143.72	147.91	152.18
Year 4 PV (M)	178.93	185.92	193.12
Year 5 PV (M)	215.25	225.82	236.79
PV of Terminal Value (M)	22,786.49	23,905.11	25,067.23
Equity Value (M)	23,510.50	24,653.72	25,841.17
Shares Outstanding (M)	512.10	512.10	512.10
Fair Value	$45.91	$48.14	$50.46
Upside / Downside	334.75%	355.89%	377.85%

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Guangzhou Baiyun Electric Equipment Co., Ltd. (603861.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener