DDM Analysis: 605111.SS

Valuation Snapshot

Stable Growth	$20.40 - $44.41	$29.23
Multi-Stage	$14.63 - $15.98	$15.29
Blended Fair Value	$22.26
Current Price	$36.05
Upside	-38.25%
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	0.00%	93.46%	0.21	0.21	0.20	0.10	0.00	0.00	0.05	0.00	0.00	0.00
YoY Growth	-	-	-0.53%	6.08%	95.54%	0.00%	0.00%	-100.00%	0.00%	-100.00%	1,683.95%	-85.59%
Dividend Yield	-	-	0.61%	0.76%	0.47%	0.19%	0.00%	0.00%	0.65%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	436.89
(-) Cash Dividends Paid (M)	48.93
(=) Cash Retained (M)	387.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.38	54.61	32.77
Cash Retained (M)	387.96	387.96	387.96
(-) Cash Required (M)	-87.38	-54.61	-32.77
(=) Excess Retained (M)	300.58	333.35	355.20
(/) Shares Outstanding (M)	414.68	414.68	414.68
(=) Excess Retained per Share	0.72	0.80	0.86
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.72	0.80	0.86
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.40	$29.23	$44.41
Upside / Downside	-43.41%	-18.92%	23.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	436.89	465.29	495.53	527.74	562.04	598.57	616.53
Payout Ratio	11.20%	26.96%	42.72%	58.48%	74.24%	90.00%	92.50%
Projected Dividends (M)	48.93	125.44	211.69	308.62	417.26	538.72	570.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	113.11	114.18	115.25
Year 2 PV (M)	172.12	175.40	178.71
Year 3 PV (M)	226.27	232.77	239.38
Year 4 PV (M)	275.85	286.46	297.37
Year 5 PV (M)	321.14	336.66	352.76
PV of Terminal Value (M)	4,956.66	5,196.07	5,444.64
Equity Value (M)	6,065.16	6,341.53	6,628.12
Shares Outstanding (M)	414.68	414.68	414.68
Fair Value	$14.63	$15.29	$15.98
Upside / Downside	-59.43%	-57.58%	-55.66%

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Wuxi NCE Power Co., Ltd. (605111.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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