DDM Analysis: 300882.SZ

Valuation Snapshot

Stable Growth	$102.15 - $120.40	$112.81
Multi-Stage	$75.71 - $83.27	$79.42
Blended Fair Value	$96.11
Current Price	$19.19
Upside	400.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	664.17%	0.00%	0.43	0.14	0.04	0.17	0.00	0.00	0.05	0.00	0.09	0.00
YoY Growth	-	-	200.21%	300.00%	-78.33%	0.00%	-100.00%	-99.97%	6,143.11%	-99.08%	0.00%	0.00%
Dividend Yield	-	-	2.73%	0.90%	0.28%	1.47%	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	175.21
(-) Cash Dividends Paid (M)	14.35
(=) Cash Retained (M)	160.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.04	21.90	13.14
Cash Retained (M)	160.86	160.86	160.86
(-) Cash Required (M)	-35.04	-21.90	-13.14
(=) Excess Retained (M)	125.82	138.96	147.72
(/) Shares Outstanding (M)	283.41	283.41	283.41
(=) Excess Retained per Share	0.44	0.49	0.52
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.44	0.49	0.52
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	-1.24%	-1.24%	-1.24%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$102.15	$112.81	$120.40
Upside / Downside	432.32%	487.86%	527.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	175.21	182.70	190.50	198.63	207.12	215.96	222.44
Payout Ratio	8.19%	24.55%	40.91%	57.28%	73.64%	90.00%	92.50%
Projected Dividends (M)	14.35	44.85	77.94	113.77	152.52	194.37	205.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.24%	-1.24%	-1.24%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	44.98	45.42	45.85
Year 2 PV (M)	78.38	79.90	81.44
Year 3 PV (M)	114.73	118.10	121.53
Year 4 PV (M)	154.24	160.30	166.54
Year 5 PV (M)	197.11	206.84	216.95
PV of Terminal Value (M)	20,866.71	21,896.75	22,967.08
Equity Value (M)	21,456.15	22,507.31	23,599.39
Shares Outstanding (M)	283.41	283.41	283.41
Fair Value	$75.71	$79.42	$83.27
Upside / Downside	294.51%	313.84%	333.92%

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Zhejiang Wellsun Intelligent Technology Co.,Ltd. (300882.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener