DDM Analysis: 002933.SZ

Valuation Snapshot

Stable Growth	$1.98 - $2.89	$2.42
Multi-Stage	$3.38 - $3.72	$3.54
Blended Fair Value	$2.98
Current Price	$33.46
Upside	-91.09%
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	-29.16%	0.00%	0.09	0.06	0.00	0.31	0.43	0.48	0.34	0.30	0.26	0.26
YoY Growth	-	-	52.46%	0.00%	-100.00%	-28.01%	-10.42%	42.24%	12.50%	14.29%	1.45%	0.00%
Dividend Yield	-	-	0.27%	0.17%	0.00%	1.19%	1.53%	1.46%	0.60%	0.93%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.07
(-) Cash Dividends Paid (M)	7.65
(=) Cash Retained (M)	23.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.21	3.88	2.33
Cash Retained (M)	23.42	23.42	23.42
(-) Cash Required (M)	-6.21	-3.88	-2.33
(=) Excess Retained (M)	17.20	19.53	21.09
(/) Shares Outstanding (M)	117.45	117.45	117.45
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.98	$2.42	$2.89
Upside / Downside	-94.08%	-92.76%	-91.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.07	30.76	30.45	30.15	29.85	29.55	30.43
Payout Ratio	24.64%	37.71%	50.78%	63.85%	76.93%	90.00%	92.50%
Projected Dividends (M)	7.65	11.60	15.46	19.25	22.96	26.59	28.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.59	10.69	10.80
Year 2 PV (M)	12.88	13.14	13.41
Year 3 PV (M)	14.63	15.09	15.55
Year 4 PV (M)	15.93	16.59	17.27
Year 5 PV (M)	16.84	17.71	18.63
PV of Terminal Value (M)	326.09	343.07	360.75
Equity Value (M)	396.95	416.29	436.40
Shares Outstanding (M)	117.45	117.45	117.45
Fair Value	$3.38	$3.54	$3.72
Upside / Downside	-89.90%	-89.41%	-88.89%

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Beijing Emerging Eastern Aviation Equipment Co., Ltd. (002933.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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