DDM Analysis: 603486.SS

Valuation Snapshot

Stable Growth	$473.53 - $557.90	$522.83
Multi-Stage	$188.61 - $206.90	$197.58
Blended Fair Value	$360.21
Current Price	$107.50
Upside	235.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.37%	7.60%	0.37	0.95	1.12	0.50	0.01	0.30	0.00	0.00	0.16	0.43
YoY Growth	-	-	-60.82%	-15.47%	122.84%	6,427.21%	-97.43%	7,693.83%	3,057.84%	-99.92%	-63.32%	141.79%
Dividend Yield	-	-	0.60%	2.60%	1.36%	0.46%	0.01%	1.56%	0.01%	0.00%	0.77%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,609.01
(-) Cash Dividends Paid (M)	297.11
(=) Cash Retained (M)	1,311.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	321.80	201.13	120.68
Cash Retained (M)	1,311.90	1,311.90	1,311.90
(-) Cash Required (M)	-321.80	-201.13	-120.68
(=) Excess Retained (M)	990.10	1,110.77	1,191.22
(/) Shares Outstanding (M)	573.56	573.56	573.56
(=) Excess Retained per Share	1.73	1.94	2.08
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	1.73	1.94	2.08
(=) Adjusted Dividend	2.24	2.45	2.59
WACC / Discount Rate	4.56%	4.56%	4.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$473.53	$522.83	$557.90
Upside / Downside	340.49%	386.36%	418.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,609.01	1,713.59	1,824.98	1,943.60	2,069.93	2,204.48	2,270.61
Payout Ratio	18.47%	32.77%	47.08%	61.39%	75.69%	90.00%	92.50%
Projected Dividends (M)	297.11	561.58	859.18	1,193.10	1,566.80	1,984.03	2,100.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.56%	4.56%	4.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	532.07	537.11	542.16
Year 2 PV (M)	771.25	785.94	800.77
Year 3 PV (M)	1,014.72	1,043.84	1,073.53
Year 4 PV (M)	1,262.51	1,311.07	1,361.01
Year 5 PV (M)	1,514.70	1,587.86	1,663.83
PV of Terminal Value (M)	103,082.32	108,061.24	113,230.71
Equity Value (M)	108,177.58	113,327.07	118,672.00
Shares Outstanding (M)	573.56	573.56	573.56
Fair Value	$188.61	$197.58	$206.90
Upside / Downside	75.45%	83.80%	92.47%

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Ecovacs Robotics Co., Ltd. (603486.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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