DDM Analysis: 002649.SZ

Valuation Snapshot

Stable Growth	$1.73 - $2.57	$2.13
Multi-Stage	$3.64 - $4.00	$3.82
Blended Fair Value	$2.97
Current Price	$14.17
Upside	-79.01%
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	-19.68%	-7.27%	0.04	0.21	0.31	0.21	0.11	0.11	0.10	0.07	0.09	0.09
YoY Growth	-	-	-83.06%	-31.90%	49.87%	82.46%	5.94%	4.03%	38.96%	-13.26%	-9.67%	24.24%
Dividend Yield	-	-	0.27%	1.93%	2.00%	1.57%	1.11%	1.19%	1.03%	0.64%	0.64%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	129.00
(-) Cash Dividends Paid (M)	103.36
(=) Cash Retained (M)	25.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.80	16.13	9.68
Cash Retained (M)	25.64	25.64	25.64
(-) Cash Required (M)	-25.80	-16.13	-9.68
(=) Excess Retained (M)	-0.16	9.51	15.96
(/) Shares Outstanding (M)	590.69	590.69	590.69
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	-2.45%	-1.45%	-0.45%
Fair Value	$1.73	$2.13	$2.57
Upside / Downside	-87.77%	-84.96%	-81.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129.00	127.12	125.27	123.45	121.66	119.89	123.48
Payout Ratio	80.12%	82.10%	84.07%	86.05%	88.02%	90.00%	92.50%
Projected Dividends (M)	103.36	104.37	105.32	106.23	107.09	107.90	114.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	-2.45%	-1.45%	-0.45%
Year 1 PV (M)	96.21	97.19	98.18
Year 2 PV (M)	89.49	91.34	93.20
Year 3 PV (M)	83.21	85.79	88.43
Year 4 PV (M)	77.32	80.54	83.86
Year 5 PV (M)	71.81	75.57	79.48
PV of Terminal Value (M)	1,734.46	1,825.21	1,919.71
Equity Value (M)	2,152.50	2,255.64	2,362.86
Shares Outstanding (M)	590.69	590.69	590.69
Fair Value	$3.64	$3.82	$4.00
Upside / Downside	-74.28%	-73.05%	-71.77%

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Beyondsoft Corporation (002649.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener