DDM Analysis: 2245.HK

Valuation Snapshot

Stable Growth	$21.46 - $32.37	$26.61
Multi-Stage	$43.03 - $47.34	$45.15
Blended Fair Value	$35.88
Current Price	$9.32
Upside	284.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.61	0.30	0.04	0.54	0.12	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	104.19%	596.05%	-92.00%	342.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	10.01%	5.51%	0.30%	4.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,912.40
(-) Cash Dividends Paid (M)	1,419.89
(=) Cash Retained (M)	2,492.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	782.48	489.05	293.43
Cash Retained (M)	2,492.51	2,492.51	2,492.51
(-) Cash Required (M)	-782.48	-489.05	-293.43
(=) Excess Retained (M)	1,710.03	2,003.46	2,199.08
(/) Shares Outstanding (M)	1,555.93	1,555.93	1,555.93
(=) Excess Retained per Share	1.10	1.29	1.41
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	1.10	1.29	1.41
(=) Adjusted Dividend	2.01	2.20	2.33
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$21.46	$26.61	$32.37
Upside / Downside	130.30%	185.55%	247.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,912.40	3,873.28	3,834.54	3,796.20	3,758.23	3,720.65	3,832.27
Payout Ratio	36.29%	47.03%	57.78%	68.52%	79.26%	90.00%	92.50%
Projected Dividends (M)	1,419.89	1,821.74	2,215.42	2,601.03	2,978.72	3,348.59	3,544.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,682.46	1,699.63	1,716.80
Year 2 PV (M)	1,889.61	1,928.37	1,967.52
Year 3 PV (M)	2,048.90	2,112.26	2,176.92
Year 4 PV (M)	2,167.02	2,256.83	2,349.41
Year 5 PV (M)	2,249.85	2,367.00	2,488.99
PV of Terminal Value (M)	56,915.22	59,878.93	62,964.83
Equity Value (M)	66,953.05	70,243.02	73,664.46
Shares Outstanding (M)	1,555.93	1,555.93	1,555.93
Fair Value	$43.03	$45.15	$47.34
Upside / Downside	361.70%	384.39%	407.99%

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Lygend Resources & Technology Co., Ltd. (2245.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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