DDM Analysis: 002334.SZ

Valuation Snapshot

Stable Growth	$58.04 - $68.41	$64.10
Multi-Stage	$36.61 - $40.25	$38.40
Blended Fair Value	$51.25
Current Price	$9.60
Upside	433.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.13%	5.43%	0.07	0.08	0.01	0.01	0.01	0.07	0.20	0.05	0.05	0.07
YoY Growth	-	-	-3.41%	717.19%	-33.06%	24.09%	-84.65%	-63.78%	296.34%	13.37%	-34.61%	58.34%
Dividend Yield	-	-	0.87%	0.93%	0.08%	0.23%	0.22%	1.66%	3.11%	0.57%	0.54%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.68
(-) Cash Dividends Paid (M)	56.82
(=) Cash Retained (M)	224.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.34	35.21	21.13
Cash Retained (M)	224.86	224.86	224.86
(-) Cash Required (M)	-56.34	-35.21	-21.13
(=) Excess Retained (M)	168.52	189.65	203.73
(/) Shares Outstanding (M)	803.08	803.08	803.08
(=) Excess Retained per Share	0.21	0.24	0.25
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.21	0.24	0.25
(=) Adjusted Dividend	0.28	0.31	0.32
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	3.43%	4.43%	5.43%
Fair Value	$58.04	$64.10	$68.41
Upside / Downside	504.60%	567.68%	612.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.68	294.14	307.16	320.76	334.96	349.78	360.28
Payout Ratio	20.17%	34.14%	48.10%	62.07%	76.03%	90.00%	92.50%
Projected Dividends (M)	56.82	100.42	147.76	199.09	254.68	314.80	333.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	3.43%	4.43%	5.43%
Year 1 PV (M)	97.32	98.26	99.20
Year 2 PV (M)	138.78	141.47	144.20
Year 3 PV (M)	181.22	186.53	191.94
Year 4 PV (M)	224.67	233.48	242.55
Year 5 PV (M)	269.13	282.40	296.18
PV of Terminal Value (M)	28,490.44	29,894.67	31,353.72
Equity Value (M)	29,401.55	30,836.80	32,327.79
Shares Outstanding (M)	803.08	803.08	803.08
Fair Value	$36.61	$38.40	$40.25
Upside / Downside	281.36%	299.98%	319.32%

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Shenzhen INVT Electric Co.,Ltd (002334.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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