DDM Analysis: 603039.SS

Valuation Snapshot

Stable Growth	$15.70 - $33.31	$22.29
Multi-Stage	$11.46 - $12.52	$11.98
Blended Fair Value	$17.13
Current Price	$57.25
Upside	-70.07%
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	30.46%	0.00%	0.22	0.15	0.15	0.13	0.09	0.06	0.04	0.04	0.00	0.00
YoY Growth	-	-	50.99%	-0.21%	18.29%	43.23%	48.04%	47.87%	3.90%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.33%	0.37%	0.20%	0.24%	0.12%	0.13%	0.09%	0.13%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	216.73
(-) Cash Dividends Paid (M)	38.71
(=) Cash Retained (M)	178.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.35	27.09	16.25
Cash Retained (M)	178.02	178.02	178.02
(-) Cash Required (M)	-43.35	-27.09	-16.25
(=) Excess Retained (M)	134.67	150.93	161.77
(/) Shares Outstanding (M)	259.08	259.08	259.08
(=) Excess Retained per Share	0.52	0.58	0.62
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.52	0.58	0.62
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.70	$22.29	$33.31
Upside / Downside	-72.58%	-61.07%	-41.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	216.73	230.82	245.82	261.80	278.81	296.94	305.85
Payout Ratio	17.86%	32.29%	46.72%	61.14%	75.57%	90.00%	92.50%
Projected Dividends (M)	38.71	74.53	114.84	160.07	210.71	267.24	282.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	67.12	67.75	68.39
Year 2 PV (M)	93.14	94.91	96.70
Year 3 PV (M)	116.92	120.27	123.69
Year 4 PV (M)	138.60	143.93	149.41
Year 5 PV (M)	158.31	165.96	173.90
PV of Terminal Value (M)	2,395.06	2,510.75	2,630.86
Equity Value (M)	2,969.15	3,103.57	3,242.95
Shares Outstanding (M)	259.08	259.08	259.08
Fair Value	$11.46	$11.98	$12.52
Upside / Downside	-79.98%	-79.08%	-78.14%

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Weaver Network Technology Co., Ltd. (603039.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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