DDM Analysis: 002467.SZ

Valuation Snapshot

Stable Growth	$0.35 - $0.50	$0.42
Multi-Stage	$0.52 - $0.57	$0.54
Blended Fair Value	$0.48
Current Price	$6.36
Upside	-92.40%
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	0.00%	0.00%	0.00	0.15	0.00	0.14	0.05	0.05	0.00	0.00	0.02	0.06
YoY Growth	-	-	-100.00%	0.00%	-100.00%	201.07%	-14.51%	22,385.59%	-34.69%	-98.30%	-63.29%	-10.06%
Dividend Yield	-	-	0.00%	3.70%	0.00%	2.92%	0.82%	0.84%	0.01%	0.01%	0.37%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.86
(-) Cash Dividends Paid (M)	13.75
(=) Cash Retained (M)	66.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.97	9.98	5.99
Cash Retained (M)	66.11	66.11	66.11
(-) Cash Required (M)	-15.97	-9.98	-5.99
(=) Excess Retained (M)	50.13	56.12	60.12
(/) Shares Outstanding (M)	1,490.97	1,490.97	1,490.97
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.35	$0.42	$0.50
Upside / Downside	-94.50%	-93.37%	-92.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.86	79.06	78.27	77.49	76.71	75.95	78.22
Payout Ratio	17.22%	31.78%	46.33%	60.89%	75.44%	90.00%	92.50%
Projected Dividends (M)	13.75	25.12	36.27	47.18	57.88	68.35	72.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.61	22.84	23.07
Year 2 PV (M)	29.37	29.97	30.58
Year 3 PV (M)	34.39	35.45	36.54
Year 4 PV (M)	37.96	39.53	41.16
Year 5 PV (M)	40.35	42.45	44.63
PV of Terminal Value (M)	610.43	642.21	675.31
Equity Value (M)	775.10	812.46	851.29
Shares Outstanding (M)	1,490.97	1,490.97	1,490.97
Fair Value	$0.52	$0.54	$0.57
Upside / Downside	-91.83%	-91.43%	-91.02%

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NET263 Ltd. (002467.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener