DDM Analysis: NNND.F

Valuation Snapshot

Stable Growth	$1,027.84 - $4,444.85	$2,493.54
Multi-Stage	$516.25 - $564.98	$540.17
Blended Fair Value	$1,516.86
Current Price	$463.16
Upside	227.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.26%	32.27%	3.10	2.25	1.39	1.34	1.11	0.89	0.73	0.54	0.40	0.28
YoY Growth	-	-	37.54%	62.01%	3.59%	20.93%	24.34%	22.71%	34.13%	36.58%	40.11%	49.91%
Dividend Yield	-	-	0.66%	0.79%	0.42%	0.44%	0.21%	0.26%	0.23%	0.17%	0.21%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208,003.00
(-) Cash Dividends Paid (M)	43,303.00
(=) Cash Retained (M)	164,700.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41,600.60	26,000.38	15,600.23
Cash Retained (M)	164,700.00	164,700.00	164,700.00
(-) Cash Required (M)	-41,600.60	-26,000.38	-15,600.23
(=) Excess Retained (M)	123,099.40	138,699.63	149,099.78
(/) Shares Outstanding (M)	9,306.64	9,306.64	9,306.64
(=) Excess Retained per Share	13.23	14.90	16.02
LTM Dividend per Share	4.65	4.65	4.65
(+) Excess Retained per Share	13.23	14.90	16.02
(=) Adjusted Dividend	17.88	19.56	20.67
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,027.84	$2,493.54	$4,444.85
Upside / Downside	121.92%	438.38%	859.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208,003.00	221,523.20	235,922.20	251,257.15	267,588.86	284,982.14	293,531.60
Payout Ratio	20.82%	34.65%	48.49%	62.33%	76.16%	90.00%	92.50%
Projected Dividends (M)	43,303.00	76,768.33	114,401.20	156,602.00	203,805.55	256,483.92	271,516.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	70,850.44	71,522.01	72,193.58
Year 2 PV (M)	97,443.20	99,299.22	101,172.75
Year 3 PV (M)	123,105.86	126,639.78	130,240.70
Year 4 PV (M)	147,862.45	153,548.83	159,397.65
Year 5 PV (M)	171,736.47	180,031.40	188,643.80
PV of Terminal Value (M)	4,193,577.94	4,396,129.32	4,606,432.82
Equity Value (M)	4,804,576.36	5,027,170.56	5,258,081.31
Shares Outstanding (M)	9,306.64	9,306.64	9,306.64
Fair Value	$516.25	$540.17	$564.98
Upside / Downside	11.46%	16.63%	21.98%

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Tencent Holdings Limited (NNND.F)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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