DDM Analysis: 002241.SZ

Valuation Snapshot

Stable Growth	$79.37 - $166.30	$155.85
Multi-Stage	$25.40 - $27.80	$26.58
Blended Fair Value	$91.22
Current Price	$37.50
Upside	143.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.08%	14.20%	0.39	0.24	0.27	0.19	0.16	0.17	0.15	0.12	0.10	0.10
YoY Growth	-	-	63.35%	-12.21%	42.56%	16.92%	-3.96%	14.16%	24.66%	21.07%	1.29%	-5.85%
Dividend Yield	-	-	1.50%	1.45%	1.28%	0.56%	0.61%	1.04%	1.39%	0.90%	0.58%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,907.30
(-) Cash Dividends Paid (M)	1,185.75
(=) Cash Retained (M)	1,721.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	581.46	363.41	218.05
Cash Retained (M)	1,721.55	1,721.55	1,721.55
(-) Cash Required (M)	-581.46	-363.41	-218.05
(=) Excess Retained (M)	1,140.09	1,358.14	1,503.50
(/) Shares Outstanding (M)	3,476.71	3,476.71	3,476.71
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.37	$155.85	$166.30
Upside / Downside	111.66%	315.60%	343.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,907.30	3,096.27	3,297.53	3,511.87	3,740.14	3,983.25	4,102.75
Payout Ratio	40.79%	50.63%	60.47%	70.31%	80.16%	90.00%	92.50%
Projected Dividends (M)	1,185.75	1,567.59	1,994.05	2,469.34	2,997.99	3,584.93	3,795.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,459.61	1,473.45	1,487.28
Year 2 PV (M)	1,728.81	1,761.74	1,794.98
Year 3 PV (M)	1,993.41	2,050.64	2,108.94
Year 4 PV (M)	2,253.47	2,340.13	2,429.27
Year 5 PV (M)	2,509.04	2,630.23	2,756.05
PV of Terminal Value (M)	78,370.08	82,155.39	86,085.56
Equity Value (M)	88,314.42	92,411.57	96,662.09
Shares Outstanding (M)	3,476.71	3,476.71	3,476.71
Fair Value	$25.40	$26.58	$27.80
Upside / Downside	-32.26%	-29.12%	-25.86%

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Goertek Inc. (002241.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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