DDM Analysis: 300496.SZ

Valuation Snapshot

Stable Growth	$19.78 - $42.09	$28.12
Multi-Stage	$14.19 - $15.51	$14.84
Blended Fair Value	$21.48
Current Price	$77.68
Upside	-72.35%
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	26.12%	20.65%	0.37	0.34	0.31	0.23	0.15	0.12	0.18	0.10	0.11	0.09
YoY Growth	-	-	9.68%	7.91%	38.62%	52.54%	27.48%	-36.09%	91.41%	-14.58%	29.65%	51.24%
Dividend Yield	-	-	0.65%	0.64%	0.29%	0.23%	0.12%	0.22%	0.52%	0.26%	0.33%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	484.53
(-) Cash Dividends Paid (M)	26.93
(=) Cash Retained (M)	457.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	96.91	60.57	36.34
Cash Retained (M)	457.60	457.60	457.60
(-) Cash Required (M)	-96.91	-60.57	-36.34
(=) Excess Retained (M)	360.69	397.03	421.26
(/) Shares Outstanding (M)	461.32	461.32	461.32
(=) Excess Retained per Share	0.78	0.86	0.91
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.78	0.86	0.91
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.78	$28.12	$42.09
Upside / Downside	-74.53%	-63.80%	-45.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	484.53	516.03	549.57	585.29	623.33	663.85	683.77
Payout Ratio	5.56%	22.45%	39.33%	56.22%	73.11%	90.00%	92.50%
Projected Dividends (M)	26.93	115.83	216.17	329.07	455.73	597.47	632.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.33	105.32	106.31
Year 2 PV (M)	175.38	178.72	182.09
Year 3 PV (M)	240.46	247.36	254.40
Year 4 PV (M)	299.95	311.48	323.35
Year 5 PV (M)	354.19	371.30	389.06
PV of Terminal Value (M)	5,370.91	5,630.33	5,899.67
Equity Value (M)	6,545.21	6,844.50	7,154.87
Shares Outstanding (M)	461.32	461.32	461.32
Fair Value	$14.19	$14.84	$15.51
Upside / Downside	-81.74%	-80.90%	-80.03%

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Thunder Software Technology Co.,Ltd. (300496.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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