DDM Analysis: 300684.SZ

Valuation Snapshot

Stable Growth	$181.69 - $214.07	$200.61
Multi-Stage	$146.21 - $160.43	$153.19
Blended Fair Value	$176.90
Current Price	$40.84
Upside	333.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.62%	80.87%	0.24	0.61	0.41	0.59	0.36	0.11	0.07	0.03	0.02	0.08
YoY Growth	-	-	-60.81%	49.61%	-30.98%	66.09%	234.89%	49.07%	144.10%	41.11%	-75.39%	13,071.27%
Dividend Yield	-	-	0.95%	3.69%	2.31%	3.74%	1.90%	0.41%	0.28%	0.13%	0.52%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	321.02
(-) Cash Dividends Paid (M)	193.85
(=) Cash Retained (M)	127.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.20	40.13	24.08
Cash Retained (M)	127.17	127.17	127.17
(-) Cash Required (M)	-64.20	-40.13	-24.08
(=) Excess Retained (M)	62.97	87.05	103.10
(/) Shares Outstanding (M)	298.24	298.24	298.24
(=) Excess Retained per Share	0.21	0.29	0.35
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	0.21	0.29	0.35
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$181.69	$200.61	$214.07
Upside / Downside	344.89%	391.21%	424.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	321.02	341.89	364.11	387.78	412.99	439.83	453.02
Payout Ratio	60.38%	66.31%	72.23%	78.15%	84.08%	90.00%	92.50%
Projected Dividends (M)	193.85	226.70	263.00	303.06	347.23	395.85	419.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	226.87	229.03	231.18
Year 2 PV (M)	263.41	268.43	273.49
Year 3 PV (M)	303.77	312.49	321.37
Year 4 PV (M)	348.30	361.70	375.47
Year 5 PV (M)	397.38	416.57	436.50
PV of Terminal Value (M)	42,067.19	44,099.05	46,208.67
Equity Value (M)	43,606.92	45,687.26	47,846.69
Shares Outstanding (M)	298.24	298.24	298.24
Fair Value	$146.21	$153.19	$160.43
Upside / Downside	258.01%	275.09%	292.82%

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Jones Tech PLC (300684.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener