DDM Analysis: 002282.SZ

Valuation Snapshot

Stable Growth	$34.05 - $68.65	$64.34
Multi-Stage	$10.71 - $11.72	$11.20
Blended Fair Value	$37.77
Current Price	$7.00
Upside	439.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.30%	15.97%	0.15	0.04	0.16	0.09	0.07	0.05	0.10	0.03	0.03	0.05
YoY Growth	-	-	309.02%	-76.29%	71.44%	40.60%	32.12%	-50.43%	295.58%	-10.79%	-44.14%	45.83%
Dividend Yield	-	-	2.01%	0.57%	2.03%	1.10%	0.65%	0.72%	0.89%	0.20%	0.21%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	182.63
(-) Cash Dividends Paid (M)	105.37
(=) Cash Retained (M)	77.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.53	22.83	13.70
Cash Retained (M)	77.26	77.26	77.26
(-) Cash Required (M)	-36.53	-22.83	-13.70
(=) Excess Retained (M)	40.74	54.44	63.57
(/) Shares Outstanding (M)	529.06	529.06	529.06
(=) Excess Retained per Share	0.08	0.10	0.12
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.08	0.10	0.12
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34.05	$64.34	$68.65
Upside / Downside	386.43%	819.09%	880.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	182.63	194.50	207.15	220.61	234.95	250.22	257.73
Payout Ratio	57.69%	64.16%	70.62%	77.08%	83.54%	90.00%	92.50%
Projected Dividends (M)	105.37	124.78	146.28	170.04	196.27	225.20	238.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	116.23	117.33	118.43
Year 2 PV (M)	126.90	129.32	131.76
Year 3 PV (M)	137.40	141.34	145.36
Year 4 PV (M)	147.72	153.40	159.24
Year 5 PV (M)	157.86	165.49	173.40
PV of Terminal Value (M)	4,980.13	5,220.67	5,470.42
Equity Value (M)	5,666.23	5,927.54	6,198.61
Shares Outstanding (M)	529.06	529.06	529.06
Fair Value	$10.71	$11.20	$11.72
Upside / Downside	53.00%	60.06%	67.37%

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Bosun Co., Ltd. (002282.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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