DDM Analysis: 0Z4I.L

Valuation Snapshot

Stable Growth	$42.77 - $66.13	$53.61
Multi-Stage	$89.29 - $98.38	$93.74
Blended Fair Value	$73.68
Current Price	$63.26
Upside	16.47%
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	-18.19%	5.57%	0.21	0.47	0.97	0.91	0.73	0.57	0.67	0.29	0.21	0.16
YoY Growth	-	-	-55.86%	-51.15%	7.26%	23.93%	27.84%	-14.08%	127.93%	39.42%	34.19%	28.10%
Dividend Yield	-	-	0.32%	0.77%	1.18%	0.45%	0.51%	0.47%	1.09%	0.32%	0.69%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,007.99
(-) Cash Dividends Paid (M)	773.79
(=) Cash Retained (M)	4,234.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,001.60	626.00	375.60
Cash Retained (M)	4,234.20	4,234.20	4,234.20
(-) Cash Required (M)	-1,001.60	-626.00	-375.60
(=) Excess Retained (M)	3,232.60	3,608.20	3,858.60
(/) Shares Outstanding (M)	1,090.09	1,090.09	1,090.09
(=) Excess Retained per Share	2.97	3.31	3.54
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	2.97	3.31	3.54
(=) Adjusted Dividend	3.68	4.02	4.25
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-1.77%	-0.77%	0.23%
Fair Value	$42.77	$53.61	$66.13
Upside / Downside	-32.39%	-15.26%	4.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,007.99	4,969.65	4,931.61	4,893.86	4,856.39	4,819.21	4,963.79
Payout Ratio	15.45%	30.36%	45.27%	60.18%	75.09%	90.00%	92.50%
Projected Dividends (M)	773.79	1,508.83	2,232.58	2,945.15	3,646.68	4,337.29	4,591.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-1.77%	-0.77%	0.23%
Year 1 PV (M)	1,400.16	1,414.42	1,428.67
Year 2 PV (M)	1,922.56	1,961.90	2,001.64
Year 3 PV (M)	2,353.52	2,426.12	2,500.21
Year 4 PV (M)	2,704.23	2,816.04	2,931.28
Year 5 PV (M)	2,984.71	3,139.76	3,301.17
PV of Terminal Value (M)	85,965.67	90,431.20	95,080.41
Equity Value (M)	97,330.86	102,189.44	107,243.38
Shares Outstanding (M)	1,090.09	1,090.09	1,090.09
Fair Value	$89.29	$93.74	$98.38
Upside / Downside	41.14%	48.19%	55.52%

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Sunny Optical Technology (Group) Company Limited (0Z4I.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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