DDM Analysis: 002061.SZ

Valuation Snapshot

Stable Growth	$45.31 - $91.23	$85.50
Multi-Stage	$14.22 - $15.56	$14.88
Blended Fair Value	$50.19
Current Price	$4.15
Upside	1,109.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.42%	21.72%	0.30	0.28	0.29	0.20	0.15	0.16	0.15	0.15	0.08	0.07
YoY Growth	-	-	4.71%	-3.93%	49.89%	30.49%	-4.62%	4.40%	1.87%	94.17%	13.78%	61.93%
Dividend Yield	-	-	7.60%	7.47%	6.68%	3.99%	3.70%	4.33%	2.37%	1.62%	1.19%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,185.61
(-) Cash Dividends Paid (M)	659.88
(=) Cash Retained (M)	525.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	237.12	148.20	88.92
Cash Retained (M)	525.73	525.73	525.73
(-) Cash Required (M)	-237.12	-148.20	-88.92
(=) Excess Retained (M)	288.60	377.52	436.80
(/) Shares Outstanding (M)	2,584.53	2,584.53	2,584.53
(=) Excess Retained per Share	0.11	0.15	0.17
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.11	0.15	0.17
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.31	$85.50	$91.23
Upside / Downside	991.84%	1,960.15%	2,098.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,185.61	1,262.67	1,344.75	1,432.15	1,525.24	1,624.38	1,673.12
Payout Ratio	55.66%	62.53%	69.39%	76.26%	83.13%	90.00%	92.50%
Projected Dividends (M)	659.88	789.50	933.18	1,092.20	1,267.96	1,461.95	1,547.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	735.36	742.33	749.30
Year 2 PV (M)	809.58	825.00	840.57
Year 3 PV (M)	882.56	907.90	933.71
Year 4 PV (M)	954.32	991.02	1,028.77
Year 5 PV (M)	1,024.87	1,074.37	1,125.76
PV of Terminal Value (M)	32,342.99	33,905.16	35,527.13
Equity Value (M)	36,749.67	38,445.78	40,205.24
Shares Outstanding (M)	2,584.53	2,584.53	2,584.53
Fair Value	$14.22	$14.88	$15.56
Upside / Downside	242.63%	258.44%	274.85%

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Financial Statements

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Ticker

Industry

Sector

Zhejiang Communications Technology Co., Ltd. (002061.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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