DDM Analysis: 301011.SZ

Valuation Snapshot

Stable Growth	$23.64 - $110.78	$52.51
Multi-Stage	$12.58 - $13.75	$13.15
Blended Fair Value	$32.83
Current Price	$28.58
Upside	14.87%
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	36.98%	20.67%	0.22	0.04	0.15	0.06	0.07	0.04	0.00	0.02	0.03	0.03
YoY Growth	-	-	471.29%	-75.40%	176.47%	-22.86%	60.90%	0.00%	-100.00%	-23.66%	10.22%	-20.46%
Dividend Yield	-	-	0.80%	0.22%	0.62%	0.24%	0.20%	0.12%	0.00%	0.00%	0.08%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.93
(-) Cash Dividends Paid (M)	30.63
(=) Cash Retained (M)	51.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.39	10.24	6.14
Cash Retained (M)	51.30	51.30	51.30
(-) Cash Required (M)	-16.39	-10.24	-6.14
(=) Excess Retained (M)	34.92	41.06	45.16
(/) Shares Outstanding (M)	147.09	147.09	147.09
(=) Excess Retained per Share	0.24	0.28	0.31
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.24	0.28	0.31
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.64	$52.51	$110.78
Upside / Downside	-17.28%	83.73%	287.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.93	87.26	92.93	98.97	105.40	112.25	115.62
Payout Ratio	37.38%	47.91%	58.43%	68.95%	79.48%	90.00%	92.50%
Projected Dividends (M)	30.63	41.80	54.30	68.24	83.77	101.03	106.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.52	38.89	39.26
Year 2 PV (M)	46.12	47.00	47.88
Year 3 PV (M)	53.42	54.95	56.51
Year 4 PV (M)	60.43	62.75	65.14
Year 5 PV (M)	67.16	70.41	73.78
PV of Terminal Value (M)	1,584.06	1,660.57	1,740.01
Equity Value (M)	1,849.71	1,934.57	2,022.58
Shares Outstanding (M)	147.09	147.09	147.09
Fair Value	$12.58	$13.15	$13.75
Upside / Downside	-56.00%	-53.98%	-51.89%

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GuangZhou Wahlap Technology Corporation Limited (301011.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener