DDM Analysis: 002643.SZ

Valuation Snapshot

Stable Growth	$27.71 - $55.82	$52.31
Multi-Stage	$8.67 - $9.48	$9.07
Blended Fair Value	$30.69
Current Price	$13.75
Upside	123.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.33%	20.73%	0.36	0.30	0.26	0.20	0.20	0.18	0.15	0.14	0.11	0.07
YoY Growth	-	-	18.97%	15.67%	27.28%	0.49%	15.91%	15.03%	9.29%	24.83%	66.67%	23.30%
Dividend Yield	-	-	3.21%	2.17%	1.51%	1.13%	1.13%	1.38%	1.18%	1.25%	0.81%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255.97
(-) Cash Dividends Paid (M)	127.44
(=) Cash Retained (M)	128.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.19	32.00	19.20
Cash Retained (M)	128.53	128.53	128.53
(-) Cash Required (M)	-51.19	-32.00	-19.20
(=) Excess Retained (M)	77.34	96.53	109.33
(/) Shares Outstanding (M)	911.99	911.99	911.99
(=) Excess Retained per Share	0.08	0.11	0.12
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.08	0.11	0.12
(=) Adjusted Dividend	0.22	0.25	0.26
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.71	$52.31	$55.82
Upside / Downside	101.54%	280.43%	305.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255.97	272.60	290.32	309.20	329.29	350.70	361.22
Payout Ratio	49.79%	57.83%	65.87%	73.91%	81.96%	90.00%	92.50%
Projected Dividends (M)	127.44	157.65	191.24	228.54	269.88	315.63	334.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	146.83	148.23	149.62
Year 2 PV (M)	165.91	169.07	172.26
Year 3 PV (M)	184.67	189.97	195.37
Year 4 PV (M)	203.12	210.93	218.97
Year 5 PV (M)	221.26	231.95	243.04
PV of Terminal Value (M)	6,981.89	7,319.12	7,669.25
Equity Value (M)	7,903.69	8,269.27	8,648.52
Shares Outstanding (M)	911.99	911.99	911.99
Fair Value	$8.67	$9.07	$9.48
Upside / Downside	-36.97%	-34.06%	-31.03%

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Valiant Co.,Ltd (002643.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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