DDM Analysis: 002056.SZ

Valuation Snapshot

Stable Growth	$139.71 - $292.74	$274.34
Multi-Stage	$44.43 - $48.64	$46.50
Blended Fair Value	$160.42
Current Price	$20.49
Upside	682.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.47%	23.34%	0.41	0.39	0.26	0.24	0.16	0.15	0.11	0.06	0.07	0.09
YoY Growth	-	-	4.20%	50.23%	9.64%	46.58%	5.13%	34.98%	81.09%	-15.17%	-21.66%	89.64%
Dividend Yield	-	-	2.64%	2.62%	1.26%	1.74%	1.06%	1.53%	1.55%	0.65%	0.93%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,352.92
(-) Cash Dividends Paid (M)	727.50
(=) Cash Retained (M)	1,625.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	470.58	294.12	176.47
Cash Retained (M)	1,625.42	1,625.42	1,625.42
(-) Cash Required (M)	-470.58	-294.12	-176.47
(=) Excess Retained (M)	1,154.84	1,331.31	1,448.95
(/) Shares Outstanding (M)	1,598.45	1,598.45	1,598.45
(=) Excess Retained per Share	0.72	0.83	0.91
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.72	0.83	0.91
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$139.71	$274.34	$292.74
Upside / Downside	581.85%	1,238.92%	1,328.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,352.92	2,505.86	2,668.75	2,842.21	3,026.96	3,223.71	3,320.42
Payout Ratio	30.92%	42.74%	54.55%	66.37%	78.18%	90.00%	92.50%
Projected Dividends (M)	727.50	1,070.89	1,455.84	1,886.31	2,366.59	2,901.34	3,071.39

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)	997.12	1,006.57	1,016.03
Year 2 PV (M)	1,262.19	1,286.23	1,310.50
Year 3 PV (M)	1,522.75	1,566.46	1,611.00
Year 4 PV (M)	1,778.87	1,847.28	1,917.64
Year 5 PV (M)	2,030.60	2,128.68	2,230.51
PV of Terminal Value (M)	63,424.75	66,488.18	69,668.87
Equity Value (M)	71,016.27	74,323.40	77,754.55
Shares Outstanding (M)	1,598.45	1,598.45	1,598.45
Fair Value	$44.43	$46.50	$48.64
Upside / Downside	116.83%	126.93%	137.40%

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Hengdian Group DMEGC Magnetics Co. ,Ltd (002056.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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