DDM Analysis: 002576.SZ

Valuation Snapshot

Stable Growth	$6.85 - $11.93	$9.03
Multi-Stage	$6.76 - $7.40	$7.08
Blended Fair Value	$8.05
Current Price	$17.98
Upside	-55.22%
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	-1.81%	6.86%	0.06	0.04	0.10	0.13	0.06	0.06	0.01	0.01	0.04	0.05
YoY Growth	-	-	35.59%	-58.38%	-18.66%	122.76%	-10.74%	432.42%	19.82%	-77.12%	-13.63%	68.69%
Dividend Yield	-	-	0.39%	0.29%	0.55%	1.06%	0.48%	0.70%	0.08%	0.08%	0.18%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.72
(-) Cash Dividends Paid (M)	0.79
(=) Cash Retained (M)	83.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.94	10.59	6.35
Cash Retained (M)	83.94	83.94	83.94
(-) Cash Required (M)	-16.94	-10.59	-6.35
(=) Excess Retained (M)	66.99	73.35	77.58
(/) Shares Outstanding (M)	165.06	165.06	165.06
(=) Excess Retained per Share	0.41	0.44	0.47
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.41	0.44	0.47
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	3.31%	4.31%	5.31%
Fair Value	$6.85	$9.03	$11.93
Upside / Downside	-61.88%	-49.79%	-33.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.72	88.37	92.18	96.15	100.29	104.61	107.75
Payout Ratio	0.93%	18.74%	36.56%	54.37%	72.19%	90.00%	92.50%
Projected Dividends (M)	0.79	16.56	33.70	52.28	72.40	94.15	99.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	3.31%	4.31%	5.31%
Year 1 PV (M)	14.98	15.13	15.27
Year 2 PV (M)	27.57	28.11	28.65
Year 3 PV (M)	38.69	39.82	40.98
Year 4 PV (M)	48.46	50.36	52.32
Year 5 PV (M)	57.00	59.82	62.74
PV of Terminal Value (M)	928.80	974.63	1,022.25
Equity Value (M)	1,115.50	1,167.86	1,222.21
Shares Outstanding (M)	165.06	165.06	165.06
Fair Value	$6.76	$7.08	$7.40
Upside / Downside	-62.41%	-60.65%	-58.82%

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Jiangsu Tongda Power Technology Co.,Ltd. (002576.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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