DDM Analysis: 301662.SZ

Valuation Snapshot

Stable Growth	$32.27 - $70.22	$46.24
Multi-Stage	$144.23 - $159.28	$151.60
Blended Fair Value	$98.92
Current Price	$129.05
Upside	-23.34%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.34	0.20	0.07	0.03	0.03	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	65.52%	203.70%	124.77%	9.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.48%	0.29%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	125.79
(-) Cash Dividends Paid (M)	87.61
(=) Cash Retained (M)	38.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.16	15.72	9.43
Cash Retained (M)	38.18	38.18	38.18
(-) Cash Required (M)	-25.16	-15.72	-9.43
(=) Excess Retained (M)	13.02	22.45	28.74
(/) Shares Outstanding (M)	69.94	69.94	69.94
(=) Excess Retained per Share	0.19	0.32	0.41
LTM Dividend per Share	1.25	1.25	1.25
(+) Excess Retained per Share	0.19	0.32	0.41
(=) Adjusted Dividend	1.44	1.57	1.66
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$32.27	$46.24	$70.22
Upside / Downside	-74.99%	-64.17%	-45.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	125.79	124.53	123.29	122.05	120.83	119.63	123.21
Payout Ratio	69.65%	73.72%	77.79%	81.86%	85.93%	90.00%	92.50%
Projected Dividends (M)	87.61	91.81	95.91	99.91	103.83	107.66	113.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	88.78	89.68	90.59
Year 2 PV (M)	89.68	91.52	93.38
Year 3 PV (M)	90.34	93.14	95.99
Year 4 PV (M)	90.79	94.55	98.43
Year 5 PV (M)	91.03	95.77	100.70
PV of Terminal Value (M)	9,636.34	10,138.13	10,660.60
Equity Value (M)	10,086.95	10,602.78	11,139.68
Shares Outstanding (M)	69.94	69.94	69.94
Fair Value	$144.23	$151.60	$159.28
Upside / Downside	11.76%	17.48%	23.43%

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Ongoal Technology Co., Ltd. (301662.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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