DDM Analysis: 300866.SZ

Valuation Snapshot

Stable Growth	$116.52 - $321.41	$180.29
Multi-Stage	$80.66 - $88.04	$84.28
Blended Fair Value	$132.29
Current Price	$121.73
Upside	8.67%
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	52.46%	0.00%	2.12	0.96	0.61	0.62	0.00	0.26	0.33	0.55	0.25	0.00
YoY Growth	-	-	121.23%	57.36%	-1.76%	13,918.47%	-98.28%	-21.88%	-40.25%	124.68%	0.00%	0.00%
Dividend Yield	-	-	2.05%	1.53%	1.19%	1.19%	0.00%	0.23%	0.00%	0.49%	0.22%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,575.64
(-) Cash Dividends Paid (M)	1,131.17
(=) Cash Retained (M)	1,444.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	515.13	321.96	193.17
Cash Retained (M)	1,444.47	1,444.47	1,444.47
(-) Cash Required (M)	-515.13	-321.96	-193.17
(=) Excess Retained (M)	929.34	1,122.52	1,251.30
(/) Shares Outstanding (M)	534.41	534.41	534.41
(=) Excess Retained per Share	1.74	2.10	2.34
LTM Dividend per Share	2.12	2.12	2.12
(+) Excess Retained per Share	1.74	2.10	2.34
(=) Adjusted Dividend	3.86	4.22	4.46
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.52	$180.29	$321.41
Upside / Downside	-4.28%	48.11%	164.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,575.64	2,743.06	2,921.36	3,111.25	3,313.48	3,528.85	3,634.72
Payout Ratio	43.92%	53.13%	62.35%	71.57%	80.78%	90.00%	92.50%
Projected Dividends (M)	1,131.17	1,457.51	1,821.49	2,226.63	2,676.75	3,175.97	3,362.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,324.72	1,337.27	1,349.83
Year 2 PV (M)	1,504.70	1,533.36	1,562.29
Year 3 PV (M)	1,671.80	1,719.79	1,768.69
Year 4 PV (M)	1,826.65	1,896.89	1,969.15
Year 5 PV (M)	1,969.86	2,065.01	2,163.79
PV of Terminal Value (M)	34,807.00	36,488.19	38,233.73
Equity Value (M)	43,104.73	45,040.52	47,047.48
Shares Outstanding (M)	534.41	534.41	534.41
Fair Value	$80.66	$84.28	$88.04
Upside / Downside	-33.74%	-30.76%	-27.68%

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Financial Statements

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Anker Innovations Limited (300866.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener