DDM Analysis: 600268.SS

Valuation Snapshot

Stable Growth	$42.42 - $88.88	$83.30
Multi-Stage	$13.51 - $14.80	$14.14
Blended Fair Value	$48.72
Current Price	$10.23
Upside	376.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.16%	4.51%	0.09	0.07	0.12	0.07	0.09	0.03	0.14	0.16	0.22	0.27
YoY Growth	-	-	20.40%	-36.66%	60.84%	-18.52%	219.77%	-80.20%	-11.54%	-26.53%	-18.87%	365.93%
Dividend Yield	-	-	1.23%	1.21%	2.06%	1.19%	1.80%	0.68%	2.58%	3.98%	3.88%	5.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	446.37
(-) Cash Dividends Paid (M)	150.77
(=) Cash Retained (M)	295.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.27	55.80	33.48
Cash Retained (M)	295.60	295.60	295.60
(-) Cash Required (M)	-89.27	-55.80	-33.48
(=) Excess Retained (M)	206.33	239.81	262.13
(/) Shares Outstanding (M)	998.77	998.77	998.77
(=) Excess Retained per Share	0.21	0.24	0.26
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.21	0.24	0.26
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.42	$83.30	$88.88
Upside / Downside	314.64%	714.23%	768.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	446.37	475.39	506.29	539.20	574.25	611.57	629.92
Payout Ratio	33.78%	45.02%	56.27%	67.51%	78.76%	90.00%	92.50%
Projected Dividends (M)	150.77	214.03	284.87	364.02	452.25	550.41	582.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	199.28	201.17	203.06
Year 2 PV (M)	246.98	251.68	256.43
Year 3 PV (M)	293.86	302.29	310.89
Year 4 PV (M)	339.94	353.01	366.46
Year 5 PV (M)	385.23	403.83	423.15
PV of Terminal Value (M)	12,032.24	12,613.40	13,216.80
Equity Value (M)	13,497.52	14,125.39	14,776.79
Shares Outstanding (M)	998.77	998.77	998.77
Fair Value	$13.51	$14.14	$14.80
Upside / Downside	32.10%	38.25%	44.62%

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Guodian Nanjing Automation Co., Ltd. (600268.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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