DDM Analysis: 002658.SZ

Valuation Snapshot

Stable Growth	$15.72 - $72.63	$35.44
Multi-Stage	$10.15 - $11.10	$10.62
Blended Fair Value	$23.03
Current Price	$7.88
Upside	192.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.59%	21.16%	0.33	0.46	0.34	0.30	0.12	0.11	0.08	0.07	0.09	0.07
YoY Growth	-	-	-28.17%	33.96%	13.70%	150.29%	9.62%	37.68%	12.15%	-24.53%	29.96%	50.00%
Dividend Yield	-	-	4.48%	6.46%	4.14%	4.21%	0.89%	1.82%	0.91%	0.65%	0.61%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208.05
(-) Cash Dividends Paid (M)	156.49
(=) Cash Retained (M)	51.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.61	26.01	15.60
Cash Retained (M)	51.56	51.56	51.56
(-) Cash Required (M)	-41.61	-26.01	-15.60
(=) Excess Retained (M)	9.95	25.55	35.96
(/) Shares Outstanding (M)	565.51	565.51	565.51
(=) Excess Retained per Share	0.02	0.05	0.06
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.02	0.05	0.06
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.72%	5.72%	6.72%
Fair Value	$15.72	$35.44	$72.63
Upside / Downside	99.53%	349.80%	821.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.05	219.94	232.51	245.80	259.85	274.70	282.94
Payout Ratio	75.22%	78.17%	81.13%	84.09%	87.04%	90.00%	92.50%
Projected Dividends (M)	156.49	171.93	188.63	206.68	226.18	247.23	261.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.72%	5.72%	6.72%
Year 1 PV (M)	159.65	161.17	162.70
Year 2 PV (M)	162.64	165.76	168.92
Year 3 PV (M)	165.47	170.26	175.14
Year 4 PV (M)	168.14	174.66	181.36
Year 5 PV (M)	170.66	178.97	187.59
PV of Terminal Value (M)	4,915.38	5,154.61	5,403.06
Equity Value (M)	5,741.95	6,005.43	6,278.77
Shares Outstanding (M)	565.51	565.51	565.51
Fair Value	$10.15	$10.62	$11.10
Upside / Downside	28.85%	34.76%	40.90%

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Beijing SDL Technology Co.,Ltd. (002658.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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