DDM Analysis: 002777.SZ

Valuation Snapshot

Stable Growth	$2.32 - $3.57	$2.90
Multi-Stage	$3.31 - $3.62	$3.46
Blended Fair Value	$3.18
Current Price	$18.99
Upside	-83.25%
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	2.58%	1.83%	0.13	0.10	0.16	0.12	0.11	0.11	0.11	0.10	0.10	0.15
YoY Growth	-	-	20.00%	-35.00%	33.33%	5.00%	4.00%	0.00%	7.84%	0.00%	-33.33%	46.78%
Dividend Yield	-	-	0.70%	0.46%	0.57%	0.81%	0.79%	0.52%	0.66%	0.63%	0.62%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.24
(-) Cash Dividends Paid (M)	62.48
(=) Cash Retained (M)	34.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.45	12.15	7.29
Cash Retained (M)	34.75	34.75	34.75
(-) Cash Required (M)	-19.45	-12.15	-7.29
(=) Excess Retained (M)	15.30	22.60	27.46
(/) Shares Outstanding (M)	390.39	390.39	390.39
(=) Excess Retained per Share	0.04	0.06	0.07
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.04	0.06	0.07
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	9.20%	9.20%	9.20%
Growth Rate	0.58%	1.58%	2.58%
Fair Value	$2.32	$2.90	$3.57
Upside / Downside	-87.76%	-84.71%	-81.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.24	98.77	100.33	101.91	103.52	105.15	108.31
Payout Ratio	64.26%	69.41%	74.56%	79.70%	84.85%	90.00%	92.50%
Projected Dividends (M)	62.48	68.55	74.80	81.23	87.84	94.64	100.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.20%	9.20%	9.20%
Growth Rate	0.58%	1.58%	2.58%
Year 1 PV (M)	62.16	62.78	63.40
Year 2 PV (M)	61.50	62.72	63.97
Year 3 PV (M)	60.55	62.37	64.23
Year 4 PV (M)	59.37	61.76	64.23
Year 5 PV (M)	58.00	60.94	64.00
PV of Terminal Value (M)	989.77	1,039.96	1,092.17
Equity Value (M)	1,291.33	1,350.54	1,411.99
Shares Outstanding (M)	390.39	390.39	390.39
Fair Value	$3.31	$3.46	$3.62
Upside / Downside	-82.58%	-81.78%	-80.95%

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Sichuan Jiuyuan Yinhai Software.Co.,Ltd (002777.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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