DDM Analysis: 002886.SZ

Valuation Snapshot

Stable Growth	$6.93 - $31.41	$15.93
Multi-Stage	$3.79 - $4.13	$3.96
Blended Fair Value	$9.94
Current Price	$23.28
Upside	-57.30%
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	9.99%	15.85%	0.15	0.16	0.16	0.11	0.09	0.09	0.03	0.03	0.03	0.03
YoY Growth	-	-	-4.61%	-4.45%	53.62%	15.44%	-0.42%	181.52%	8.83%	11.27%	-11.56%	-10.28%
Dividend Yield	-	-	0.78%	0.88%	0.92%	0.52%	0.61%	0.59%	0.23%	0.25%	0.36%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.63
(-) Cash Dividends Paid (M)	38.24
(=) Cash Retained (M)	3.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.33	5.20	3.12
Cash Retained (M)	3.38	3.38	3.38
(-) Cash Required (M)	-8.33	-5.20	-3.12
(=) Excess Retained (M)	-4.94	-1.82	0.26
(/) Shares Outstanding (M)	263.53	263.53	263.53
(=) Excess Retained per Share	-0.02	-0.01	0.00
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	-0.02	-0.01	0.00
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.93	$15.93	$31.41
Upside / Downside	-70.24%	-31.59%	34.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.63	44.33	47.21	50.28	53.55	57.03	58.74
Payout Ratio	91.87%	91.50%	91.12%	90.75%	90.37%	90.00%	92.50%
Projected Dividends (M)	38.24	40.56	43.02	45.63	48.40	51.33	54.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37.41	37.76	38.11
Year 2 PV (M)	36.59	37.28	37.99
Year 3 PV (M)	35.78	36.81	37.86
Year 4 PV (M)	35.00	36.34	37.73
Year 5 PV (M)	34.23	35.88	37.60
PV of Terminal Value (M)	818.95	858.51	899.58
Equity Value (M)	997.95	1,042.58	1,088.86
Shares Outstanding (M)	263.53	263.53	263.53
Fair Value	$3.79	$3.96	$4.13
Upside / Downside	-83.73%	-83.01%	-82.25%

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Shenzhen WOTE Advanced Materials Co., Ltd (002886.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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