DDM Analysis: 300031.SZ

Valuation Snapshot

Stable Growth	$72.07 - $84.94	$79.59
Multi-Stage	$46.78 - $51.42	$49.06
Blended Fair Value	$64.32
Current Price	$24.61
Upside	161.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.18%	0.07%	0.11	0.06	0.17	0.37	0.29	0.05	0.14	0.11	0.00	0.00
YoY Growth	-	-	87.26%	-65.43%	-54.22%	27.25%	437.38%	-62.46%	29.89%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.40%	0.39%	0.81%	1.83%	1.79%	0.29%	0.91%	0.77%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.03
(-) Cash Dividends Paid (M)	20.56
(=) Cash Retained (M)	160.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.21	22.63	13.58
Cash Retained (M)	160.47	160.47	160.47
(-) Cash Required (M)	-36.21	-22.63	-13.58
(=) Excess Retained (M)	124.26	137.84	146.89
(/) Shares Outstanding (M)	417.68	417.68	417.68
(=) Excess Retained per Share	0.30	0.33	0.35
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.30	0.33	0.35
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	1.97%	1.97%	1.97%
Growth Rate	3.93%	4.93%	5.93%
Fair Value	$72.07	$79.59	$84.94
Upside / Downside	192.87%	223.40%	245.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.03	189.96	199.32	209.15	219.46	230.28	237.19
Payout Ratio	11.36%	27.09%	42.82%	58.54%	74.27%	90.00%	92.50%
Projected Dividends (M)	20.56	51.45	85.34	122.44	163.00	207.25	219.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.97%	1.97%	1.97%
Growth Rate	3.93%	4.93%	5.93%
Year 1 PV (M)	49.98	50.46	50.94
Year 2 PV (M)	80.52	82.08	83.65
Year 3 PV (M)	112.22	115.49	118.82
Year 4 PV (M)	145.11	150.77	156.60
Year 5 PV (M)	179.22	188.01	197.14
PV of Terminal Value (M)	18,972.10	19,902.57	20,869.19
Equity Value (M)	19,539.14	20,489.37	21,476.34
Shares Outstanding (M)	417.68	417.68	417.68
Fair Value	$46.78	$49.06	$51.42
Upside / Downside	90.09%	99.33%	108.93%

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Wuxi Boton Technology Co., Ltd. (300031.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener