DDM Analysis: 002415.SZ

Valuation Snapshot

Stable Growth	$80.11 - $285.04	$261.88
Multi-Stage	$36.82 - $40.26	$38.51
Blended Fair Value	$150.19
Current Price	$31.52
Upside	376.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.12%	24.05%	0.94	0.70	0.92	0.81	0.71	0.61	0.50	0.41	0.31	0.18
YoY Growth	-	-	34.76%	-24.18%	13.74%	14.03%	16.77%	21.41%	23.74%	32.65%	72.70%	62.07%
Dividend Yield	-	-	3.07%	2.13%	2.16%	1.98%	1.27%	2.18%	1.36%	0.98%	1.44%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,188.70
(-) Cash Dividends Paid (M)	6,747.34
(=) Cash Retained (M)	6,441.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,637.74	1,648.59	989.15
Cash Retained (M)	6,441.36	6,441.36	6,441.36
(-) Cash Required (M)	-2,637.74	-1,648.59	-989.15
(=) Excess Retained (M)	3,803.62	4,792.77	5,452.21
(/) Shares Outstanding (M)	9,201.72	9,201.72	9,201.72
(=) Excess Retained per Share	0.41	0.52	0.59
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	0.41	0.52	0.59
(=) Adjusted Dividend	1.15	1.25	1.33
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.11	$261.88	$285.04
Upside / Downside	154.16%	730.84%	804.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,188.70	14,045.97	14,958.96	15,931.29	16,966.82	18,069.67	18,611.76
Payout Ratio	51.16%	58.93%	66.70%	74.46%	82.23%	90.00%	92.50%
Projected Dividends (M)	6,747.34	8,277.01	9,977.03	11,863.08	13,952.16	16,262.70	17,215.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,662.17	7,734.80	7,807.43
Year 2 PV (M)	8,549.84	8,712.69	8,877.08
Year 3 PV (M)	9,410.93	9,681.08	9,956.36
Year 4 PV (M)	10,246.02	10,640.05	11,045.34
Year 5 PV (M)	11,055.66	11,589.65	12,144.08
PV of Terminal Value (M)	291,860.15	305,957.10	320,593.58
Equity Value (M)	338,784.76	354,315.38	370,423.86
Shares Outstanding (M)	9,201.72	9,201.72	9,201.72
Fair Value	$36.82	$38.51	$40.26
Upside / Downside	16.81%	22.16%	27.72%

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Hangzhou Hikvision Digital Technology Co., Ltd. (002415.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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