DDM Analysis: 300545.SZ

Valuation Snapshot

Stable Growth	$131.56 - $155.01	$145.26
Multi-Stage	$88.79 - $97.44	$93.03
Blended Fair Value	$119.15
Current Price	$32.11
Upside	271.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.30%	94.73%	0.22	0.19	0.10	0.19	0.18	0.16	0.15	0.08	0.00	0.08
YoY Growth	-	-	17.45%	83.57%	-45.40%	7.30%	12.60%	5.35%	80.94%	0.00%	-100.00%	28,471.43%
Dividend Yield	-	-	0.62%	0.66%	0.48%	1.05%	0.79%	0.58%	0.48%	0.26%	0.00%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.58
(-) Cash Dividends Paid (M)	44.65
(=) Cash Retained (M)	99.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.92	18.07	10.84
Cash Retained (M)	99.92	99.92	99.92
(-) Cash Required (M)	-28.92	-18.07	-10.84
(=) Excess Retained (M)	71.01	81.85	89.08
(/) Shares Outstanding (M)	185.49	185.49	185.49
(=) Excess Retained per Share	0.38	0.44	0.48
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.38	0.44	0.48
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	2.46%	2.46%	2.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$131.56	$145.26	$155.01
Upside / Downside	309.73%	352.39%	382.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.58	153.97	163.98	174.64	185.99	198.08	204.02
Payout Ratio	30.89%	42.71%	54.53%	66.35%	78.18%	90.00%	92.50%
Projected Dividends (M)	44.65	65.76	89.42	115.88	145.40	178.27	188.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.46%	2.46%	2.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	63.58	64.18	64.78
Year 2 PV (M)	83.58	85.17	86.78
Year 3 PV (M)	104.72	107.72	110.78
Year 4 PV (M)	127.03	131.92	136.94
Year 5 PV (M)	150.58	157.85	165.40
PV of Terminal Value (M)	15,940.13	16,710.04	17,509.42
Equity Value (M)	16,469.60	17,256.88	18,074.11
Shares Outstanding (M)	185.49	185.49	185.49
Fair Value	$88.79	$93.03	$97.44
Upside / Downside	176.51%	189.73%	203.45%

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Shenzhen Liande Automation Equipment co.,ltd. (300545.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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