DDM Analysis: 688386.SS

Valuation Snapshot

Stable Growth	$41.51 - $116.00	$64.48
Multi-Stage	$27.51 - $30.09	$28.77
Blended Fair Value	$46.62
Current Price	$80.90
Upside	-42.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	11.20%	0.00%	0.55	0.55	0.08	0.52	0.33	0.32	0.19	0.09	0.00	0.00
YoY Growth	-	-	-0.36%	611.88%	-85.17%	58.85%	1.79%	72.87%	111.70%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.65%	2.17%	0.22%	1.52%	1.06%	0.91%	0.53%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.25
(-) Cash Dividends Paid (M)	10.90
(=) Cash Retained (M)	112.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.65	15.41	9.24
Cash Retained (M)	112.36	112.36	112.36
(-) Cash Required (M)	-24.65	-15.41	-9.24
(=) Excess Retained (M)	87.70	96.95	103.11
(/) Shares Outstanding (M)	72.48	72.48	72.48
(=) Excess Retained per Share	1.21	1.34	1.42
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	1.21	1.34	1.42
(=) Adjusted Dividend	1.36	1.49	1.57
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.51	$64.48	$116.00
Upside / Downside	-48.69%	-20.30%	43.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.25	131.26	139.80	148.88	158.56	168.87	173.93
Payout Ratio	8.84%	25.07%	41.30%	57.54%	73.77%	90.00%	92.50%
Projected Dividends (M)	10.90	32.91	57.74	85.66	116.97	151.98	160.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.92	30.21	30.49
Year 2 PV (M)	47.73	48.64	49.56
Year 3 PV (M)	64.38	66.22	68.11
Year 4 PV (M)	79.92	82.99	86.15
Year 5 PV (M)	94.41	98.97	103.70
PV of Terminal Value (M)	1,677.56	1,758.58	1,842.71
Equity Value (M)	1,993.91	2,085.61	2,180.72
Shares Outstanding (M)	72.48	72.48	72.48
Fair Value	$27.51	$28.77	$30.09
Upside / Downside	-66.00%	-64.43%	-62.81%

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CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
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Pan Asian Microvent Tech (Jiangsu) Corporation (688386.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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