DDM Analysis: 300088.SZ

Valuation Snapshot

Stable Growth	$10.27 - $28.43	$26.64
Multi-Stage	$4.03 - $4.41	$4.22
Blended Fair Value	$15.43
Current Price	$6.72
Upside	129.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.22%	12.66%	0.10	0.11	0.06	0.11	0.11	0.15	0.14	0.06	0.06	0.04
YoY Growth	-	-	-14.06%	90.12%	-45.21%	-2.81%	-25.17%	9.48%	139.84%	-6.89%	39.69%	48.13%
Dividend Yield	-	-	1.60%	2.08%	0.86%	1.35%	1.53%	1.78%	2.24%	0.77%	0.78%	0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	349.34
(-) Cash Dividends Paid (M)	194.93
(=) Cash Retained (M)	154.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.87	43.67	26.20
Cash Retained (M)	154.41	154.41	154.41
(-) Cash Required (M)	-69.87	-43.67	-26.20
(=) Excess Retained (M)	84.54	110.74	128.21
(/) Shares Outstanding (M)	2,443.88	2,443.88	2,443.88
(=) Excess Retained per Share	0.03	0.05	0.05
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.03	0.05	0.05
(=) Adjusted Dividend	0.11	0.13	0.13
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.27	$26.64	$28.43
Upside / Downside	52.78%	296.45%	323.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	349.34	372.05	396.23	421.99	449.42	478.63	492.99
Payout Ratio	55.80%	62.64%	69.48%	76.32%	83.16%	90.00%	92.50%
Projected Dividends (M)	194.93	233.05	275.30	322.06	373.74	430.77	456.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	216.42	218.47	220.52
Year 2 PV (M)	237.41	241.93	246.49
Year 3 PV (M)	257.91	265.31	272.85
Year 4 PV (M)	277.92	288.61	299.61
Year 5 PV (M)	297.47	311.84	326.76
PV of Terminal Value (M)	8,568.63	8,982.49	9,412.20
Equity Value (M)	9,855.75	10,308.65	10,778.43
Shares Outstanding (M)	2,443.88	2,443.88	2,443.88
Fair Value	$4.03	$4.22	$4.41
Upside / Downside	-39.99%	-37.23%	-34.37%

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Wuhu Token Sciences Co., Ltd. (300088.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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