DDM Analysis: 603881.SS

Valuation Snapshot

Stable Growth	$37.24 - $43.87	$41.11
Multi-Stage	$8.02 - $8.78	$8.39
Blended Fair Value	$24.75
Current Price	$36.61
Upside	-32.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.71%	17.23%	0.17	0.20	0.23	0.26	0.20	0.11	0.10	0.04	0.04	0.04
YoY Growth	-	-	-13.49%	-14.35%	-9.22%	27.34%	77.26%	17.65%	116.10%	4.70%	14.92%	5.56%
Dividend Yield	-	-	0.59%	1.58%	1.40%	1.55%	1.42%	0.71%	0.68%	0.33%	0.21%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.96
(-) Cash Dividends Paid (M)	100.27
(=) Cash Retained (M)	46.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.39	18.37	11.02
Cash Retained (M)	46.68	46.68	46.68
(-) Cash Required (M)	-29.39	-18.37	-11.02
(=) Excess Retained (M)	17.29	28.31	35.66
(/) Shares Outstanding (M)	666.19	666.19	666.19
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.18	0.19	0.20
WACC / Discount Rate	5.89%	5.89%	5.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.24	$41.11	$43.87
Upside / Downside	1.71%	12.30%	19.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.96	156.51	166.68	177.52	189.06	201.34	207.38
Payout Ratio	68.23%	72.59%	76.94%	81.29%	85.65%	90.00%	92.50%
Projected Dividends (M)	100.27	113.60	128.25	144.31	161.92	181.21	191.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.89%	5.89%	5.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.28	107.28	108.29
Year 2 PV (M)	112.23	114.37	116.53
Year 3 PV (M)	118.15	121.54	124.99
Year 4 PV (M)	124.01	128.78	133.69
Year 5 PV (M)	129.83	136.10	142.62
PV of Terminal Value (M)	4,753.09	4,982.67	5,221.03
Equity Value (M)	5,343.59	5,590.75	5,847.15
Shares Outstanding (M)	666.19	666.19	666.19
Fair Value	$8.02	$8.39	$8.78
Upside / Downside	-78.09%	-77.08%	-76.03%

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Shanghai AtHub Co.,Ltd. (603881.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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