DDM Analysis: 300751.SZ

Valuation Snapshot

Stable Growth	$106.17 - $592.80	$202.80
Multi-Stage	$61.19 - $66.91	$63.99
Blended Fair Value	$133.40
Current Price	$99.35
Upside	34.27%
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	60.50%	202.83%	1.60	1.03	0.59	0.31	0.22	0.15	0.00	0.10	0.00	0.00
YoY Growth	-	-	56.05%	73.94%	89.27%	40.49%	47.56%	0.00%	-100.00%	0.00%	-100.00%	4,964.38%
Dividend Yield	-	-	1.95%	0.94%	0.31%	0.15%	0.19%	0.48%	0.00%	0.59%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	830.62
(-) Cash Dividends Paid (M)	229.42
(=) Cash Retained (M)	601.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.12	103.83	62.30
Cash Retained (M)	601.20	601.20	601.20
(-) Cash Required (M)	-166.12	-103.83	-62.30
(=) Excess Retained (M)	435.08	497.37	538.90
(/) Shares Outstanding (M)	278.66	278.66	278.66
(=) Excess Retained per Share	1.56	1.78	1.93
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	1.56	1.78	1.93
(=) Adjusted Dividend	2.38	2.61	2.76
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$106.17	$202.80	$592.80
Upside / Downside	6.86%	104.13%	496.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	830.62	884.61	942.11	1,003.35	1,068.56	1,138.02	1,172.16
Payout Ratio	27.62%	40.10%	52.57%	65.05%	77.52%	90.00%	92.50%
Projected Dividends (M)	229.42	354.70	495.29	652.66	828.39	1,024.22	1,084.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	325.73	328.82	331.91
Year 2 PV (M)	417.70	425.66	433.69
Year 3 PV (M)	505.47	519.98	534.77
Year 4 PV (M)	589.18	611.84	635.15
Year 5 PV (M)	668.98	701.29	734.84
PV of Terminal Value (M)	14,542.80	15,245.23	15,974.53
Equity Value (M)	17,049.87	17,832.81	18,644.88
Shares Outstanding (M)	278.66	278.66	278.66
Fair Value	$61.19	$63.99	$66.91
Upside / Downside	-38.41%	-35.59%	-32.65%

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Suzhou Maxwell Technologies Co., Ltd. (300751.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener