DDM Analysis: 002103.SZ

Valuation Snapshot

Stable Growth	$9.00 - $30.71	$14.77
Multi-Stage	$5.64 - $6.17	$5.90
Blended Fair Value	$10.33
Current Price	$9.58
Upside	7.87%
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	-72.65%	-47.23%	0.00	0.01	0.03	0.03	0.03	0.04	0.07	0.12	0.10	0.05
YoY Growth	-	-	-99.30%	-64.24%	-14.14%	-8.58%	-21.63%	-43.83%	-40.56%	19.28%	90.89%	43.88%
Dividend Yield	-	-	0.00%	0.12%	0.41%	0.57%	0.83%	0.98%	1.40%	1.30%	0.71%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172.08
(-) Cash Dividends Paid (M)	0.89
(=) Cash Retained (M)	171.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.42	21.51	12.91
Cash Retained (M)	171.19	171.19	171.19
(-) Cash Required (M)	-34.42	-21.51	-12.91
(=) Excess Retained (M)	136.78	149.68	158.29
(/) Shares Outstanding (M)	528.65	528.65	528.65
(=) Excess Retained per Share	0.26	0.28	0.30
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.26	0.28	0.30
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	8.55%	8.55%	8.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.00	$14.77	$30.71
Upside / Downside	-6.09%	54.16%	220.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172.08	183.26	195.18	207.86	221.37	235.76	242.84
Payout Ratio	0.52%	18.41%	36.31%	54.21%	72.10%	90.00%	92.50%
Projected Dividends (M)	0.89	33.74	70.87	112.67	159.62	212.19	224.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.55%	8.55%	8.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30.79	31.08	31.38
Year 2 PV (M)	59.01	60.14	61.27
Year 3 PV (M)	85.62	88.08	90.59
Year 4 PV (M)	110.69	114.95	119.33
Year 5 PV (M)	134.28	140.76	147.50
PV of Terminal Value (M)	2,559.46	2,683.09	2,811.44
Equity Value (M)	2,979.86	3,118.10	3,261.50
Shares Outstanding (M)	528.65	528.65	528.65
Fair Value	$5.64	$5.90	$6.17
Upside / Downside	-41.16%	-38.43%	-35.60%

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Guangbo Group Stock Co., Ltd. (002103.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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