DDM Analysis: 3CP.F

Valuation Snapshot

Stable Growth	$13.35 - $41.21	$21.34
Multi-Stage	$46.00 - $50.84	$48.37
Blended Fair Value	$34.86
Current Price	$19.85
Upside	75.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,007.56
(-) Cash Dividends Paid (M)	588.72
(=) Cash Retained (M)	13,418.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,801.51	1,750.95	1,050.57
Cash Retained (M)	13,418.84	13,418.84	13,418.84
(-) Cash Required (M)	-2,801.51	-1,750.95	-1,050.57
(=) Excess Retained (M)	10,617.33	11,667.90	12,368.27
(/) Shares Outstanding (M)	25,417.22	25,417.22	25,417.22
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	1.24%	1.24%	1.24%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$13.35	$21.34	$41.21
Upside / Downside	-32.76%	7.50%	107.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,007.56	13,867.49	13,728.81	13,591.52	13,455.61	13,321.05	13,720.68
Payout Ratio	4.20%	21.36%	38.52%	55.68%	72.84%	90.00%	92.50%
Projected Dividends (M)	588.72	2,962.41	5,288.57	7,567.92	9,801.14	11,988.95	12,691.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.24%	1.24%	1.24%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,896.66	2,926.21	2,955.77
Year 2 PV (M)	5,056.39	5,160.11	5,264.88
Year 3 PV (M)	7,075.05	7,293.85	7,517.12
Year 4 PV (M)	8,959.44	9,330.77	9,713.52
Year 5 PV (M)	10,716.09	11,274.11	11,855.13
PV of Terminal Value (M)	1,134,417.67	1,193,489.43	1,254,996.76
Equity Value (M)	1,169,121.31	1,229,474.48	1,292,303.18
Shares Outstanding (M)	25,417.22	25,417.22	25,417.22
Fair Value	$46.00	$48.37	$50.84
Upside / Downside	131.72%	143.69%	156.14%

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Xiaomi Corporation (3CP.F)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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