DDM Analysis: 605218.SS

Valuation Snapshot

Stable Growth	$1.61 - $2.31	$1.95
Multi-Stage	$2.55 - $2.81	$2.68
Blended Fair Value	$2.31
Current Price	$21.36
Upside	-89.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	113.06%	0.00%	0.14	0.24	0.05	0.12	0.00	0.00	0.83	0.71	0.10	0.00
YoY Growth	-	-	-43.31%	376.48%	-58.23%	0.00%	-100.00%	-99.63%	16.87%	584.65%	0.00%	0.00%
Dividend Yield	-	-	0.63%	1.14%	0.31%	0.91%	0.00%	0.02%	5.28%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.90
(-) Cash Dividends Paid (M)	11.71
(=) Cash Retained (M)	37.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.78	6.11	3.67
Cash Retained (M)	37.19	37.19	37.19
(-) Cash Required (M)	-9.78	-6.11	-3.67
(=) Excess Retained (M)	27.41	31.08	33.52
(/) Shares Outstanding (M)	211.99	211.99	211.99
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.61	$1.95	$2.31
Upside / Downside	-92.47%	-90.87%	-89.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.90	48.41	47.92	47.44	46.97	46.50	47.90
Payout Ratio	23.94%	37.15%	50.37%	63.58%	76.79%	90.00%	92.50%
Projected Dividends (M)	11.71	17.99	24.14	30.16	36.07	41.85	44.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	16.30	16.46	16.63
Year 2 PV (M)	19.82	20.22	20.63
Year 3 PV (M)	22.44	23.13	23.84
Year 4 PV (M)	24.31	25.32	26.36
Year 5 PV (M)	25.56	26.89	28.28
PV of Terminal Value (M)	433.05	455.60	479.08
Equity Value (M)	541.48	567.63	594.82
Shares Outstanding (M)	211.99	211.99	211.99
Fair Value	$2.55	$2.68	$2.81
Upside / Downside	-88.04%	-87.46%	-86.86%

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Ways Electron Co.,Ltd. (605218.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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