DDM Analysis: 002957.SZ

Valuation Snapshot

Stable Growth	$88.36 - $104.14	$97.58
Multi-Stage	$57.01 - $62.67	$59.79
Blended Fair Value	$78.68
Current Price	$19.26
Upside	308.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.54%	6.73%	0.19	0.24	0.03	0.23	0.20	0.28	0.23	0.29	0.31	0.25
YoY Growth	-	-	-19.07%	605.88%	-85.25%	15.46%	-30.56%	21.39%	-18.94%	-7.29%	26.87%	145.26%
Dividend Yield	-	-	1.20%	1.28%	0.18%	1.49%	1.04%	1.11%	1.08%	1.33%	1.43%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	221.43
(-) Cash Dividends Paid (M)	94.39
(=) Cash Retained (M)	127.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.29	27.68	16.61
Cash Retained (M)	127.04	127.04	127.04
(-) Cash Required (M)	-44.29	-27.68	-16.61
(=) Excess Retained (M)	82.75	99.36	110.43
(/) Shares Outstanding (M)	415.03	415.03	415.03
(=) Excess Retained per Share	0.20	0.24	0.27
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.20	0.24	0.27
(=) Adjusted Dividend	0.43	0.47	0.49
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	3.51%	4.51%	5.51%
Fair Value	$88.36	$97.58	$104.14
Upside / Downside	358.79%	406.65%	440.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	221.43	231.42	241.86	252.76	264.16	276.08	284.36
Payout Ratio	42.63%	52.10%	61.58%	71.05%	80.53%	90.00%	92.50%
Projected Dividends (M)	94.39	120.58	148.93	179.59	212.72	248.47	263.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	3.51%	4.51%	5.51%
Year 1 PV (M)	117.21	118.35	119.48
Year 2 PV (M)	140.74	143.47	146.23
Year 3 PV (M)	164.98	169.81	174.73
Year 4 PV (M)	189.96	197.41	205.07
Year 5 PV (M)	215.69	226.32	237.35
PV of Terminal Value (M)	22,833.60	23,958.09	25,126.44
Equity Value (M)	23,662.18	24,813.43	26,009.30
Shares Outstanding (M)	415.03	415.03	415.03
Fair Value	$57.01	$59.79	$62.67
Upside / Downside	196.02%	210.42%	225.38%

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Shenzhen Colibri Technologies Co., Ltd. (002957.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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