DDM Analysis: 688257.SS

Valuation Snapshot

Stable Growth	$45.31 - $213.19	$100.20
Multi-Stage	$24.04 - $26.29	$25.14
Blended Fair Value	$62.67
Current Price	$19.85
Upside	215.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.74%	19.32%	0.36	0.28	0.26	0.03	0.10	0.13	0.12	0.04	0.01	0.01
YoY Growth	-	-	30.51%	7.78%	766.29%	-69.01%	-26.23%	9.90%	179.68%	334.24%	-26.61%	-78.57%
Dividend Yield	-	-	2.39%	2.37%	1.84%	0.21%	0.49%	0.66%	0.60%	0.22%	0.05%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	211.31
(-) Cash Dividends Paid (M)	67.10
(=) Cash Retained (M)	144.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.26	26.41	15.85
Cash Retained (M)	144.21	144.21	144.21
(-) Cash Required (M)	-42.26	-26.41	-15.85
(=) Excess Retained (M)	101.94	117.79	128.36
(/) Shares Outstanding (M)	197.12	197.12	197.12
(=) Excess Retained per Share	0.52	0.60	0.65
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.52	0.60	0.65
(=) Adjusted Dividend	0.86	0.94	0.99
WACC / Discount Rate	7.50%	7.50%	7.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.31	$100.20	$213.19
Upside / Downside	128.24%	404.76%	973.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	211.31	225.05	239.67	255.25	271.84	289.51	298.20
Payout Ratio	31.76%	43.41%	55.05%	66.70%	78.35%	90.00%	92.50%
Projected Dividends (M)	67.10	97.68	131.95	170.26	212.99	260.56	275.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.50%	7.50%	7.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.02	90.87	91.72
Year 2 PV (M)	112.05	114.19	116.34
Year 3 PV (M)	133.24	137.06	140.96
Year 4 PV (M)	153.60	159.51	165.58
Year 5 PV (M)	173.16	181.52	190.21
PV of Terminal Value (M)	4,076.22	4,273.11	4,477.53
Equity Value (M)	4,738.29	4,956.26	5,182.34
Shares Outstanding (M)	197.12	197.12	197.12
Fair Value	$24.04	$25.14	$26.29
Upside / Downside	21.09%	26.66%	32.44%

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Shareate Tools Ltd. (688257.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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