DDM Analysis: 9999.HK

Valuation Snapshot

Stable Growth	$217.33 - $470.66	$310.82
Multi-Stage	$161.37 - $176.05	$168.58
Blended Fair Value	$239.70
Current Price	$192.47
Upside	24.54%
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	4.78%	18.87%	3.48	2.49	2.09	1.09	1.33	2.75	0.45	1.01	0.79	0.46
YoY Growth	-	-	39.32%	19.19%	91.65%	-18.04%	-51.58%	513.85%	-55.79%	27.94%	73.45%	-25.97%
Dividend Yield	-	-	2.36%	1.78%	1.73%	0.94%	1.00%	2.32%	0.40%	0.98%	0.69%	0.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36,284.32
(-) Cash Dividends Paid (M)	13,232.99
(=) Cash Retained (M)	23,051.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,256.86	4,535.54	2,721.32
Cash Retained (M)	23,051.33	23,051.33	23,051.33
(-) Cash Required (M)	-7,256.86	-4,535.54	-2,721.32
(=) Excess Retained (M)	15,794.47	18,515.79	20,330.01
(/) Shares Outstanding (M)	3,212.66	3,212.66	3,212.66
(=) Excess Retained per Share	4.92	5.76	6.33
LTM Dividend per Share	4.12	4.12	4.12
(+) Excess Retained per Share	4.92	5.76	6.33
(=) Adjusted Dividend	9.04	9.88	10.45
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$217.33	$310.82	$470.66
Upside / Downside	12.91%	61.49%	144.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36,284.32	38,642.80	41,154.59	43,829.63	46,678.56	49,712.67	51,204.05
Payout Ratio	36.47%	47.18%	57.88%	68.59%	79.29%	90.00%	92.50%
Projected Dividends (M)	13,232.99	18,230.21	23,821.16	30,061.92	37,013.32	44,741.40	47,363.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,434.32	16,590.09	16,745.87
Year 2 PV (M)	19,359.00	19,727.73	20,099.95
Year 3 PV (M)	22,024.02	22,656.25	23,300.46
Year 4 PV (M)	24,445.44	25,385.54	26,352.50
Year 5 PV (M)	26,638.47	27,925.12	29,261.01
PV of Terminal Value (M)	409,515.32	429,295.06	449,831.82
Equity Value (M)	518,416.56	541,579.80	565,591.61
Shares Outstanding (M)	3,212.66	3,212.66	3,212.66
Fair Value	$161.37	$168.58	$176.05
Upside / Downside	-16.16%	-12.41%	-8.53%

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NetEase, Inc. (9999.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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