DDM Analysis: 002607.SZ

Valuation Snapshot

Stable Growth	$0.03 - $0.04	$0.04
Multi-Stage	$0.09 - $0.10	$0.10
Blended Fair Value	$0.07
Current Price	$2.76
Upside	-97.56%
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	-40.82%	2.32%	0.02	0.00	0.01	0.03	0.27	0.25	0.00	0.04	0.02	0.00
YoY Growth	-	-	511.24%	-65.26%	-73.42%	-88.11%	8.13%	16,738.25%	-96.22%	142.45%	2,203.49%	-95.12%
Dividend Yield	-	-	0.57%	0.10%	0.17%	0.57%	0.95%	1.10%	0.01%	1.04%	0.30%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.49
(-) Cash Dividends Paid (M)	67.71
(=) Cash Retained (M)	39.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.50	13.44	8.06
Cash Retained (M)	39.78	39.78	39.78
(-) Cash Required (M)	-21.50	-13.44	-8.06
(=) Excess Retained (M)	18.28	26.34	31.72
(/) Shares Outstanding (M)	6,167.40	6,167.40	6,167.40
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.01	0.02	0.02
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	-24.13%	-23.13%	-22.13%
Fair Value	$0.03	$0.04	$0.04
Upside / Downside	-98.79%	-98.61%	-98.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.49	82.62	63.51	48.82	37.52	28.84	29.71
Payout Ratio	62.99%	68.39%	73.80%	79.20%	84.60%	90.00%	92.50%
Projected Dividends (M)	67.71	56.51	46.87	38.66	31.74	25.96	27.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	-24.13%	-23.13%	-22.13%
Year 1 PV (M)	51.89	52.57	53.26
Year 2 PV (M)	39.52	40.57	41.63
Year 3 PV (M)	29.93	31.13	32.36
Year 4 PV (M)	22.57	23.78	25.04
Year 5 PV (M)	16.95	18.09	19.30
PV of Terminal Value (M)	399.86	426.91	455.41
Equity Value (M)	560.71	593.06	627.01
Shares Outstanding (M)	6,167.40	6,167.40	6,167.40
Fair Value	$0.09	$0.10	$0.10
Upside / Downside	-96.71%	-96.52%	-96.32%

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Offcn Education Technology Co., Ltd. (002607.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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