DDM Analysis: 002782.SZ

Valuation Snapshot

Stable Growth	$107.06 - $126.13	$118.21
Multi-Stage	$73.10 - $80.23	$76.60
Blended Fair Value	$97.40
Current Price	$16.90
Upside	476.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.12%	15.19%	0.09	0.11	0.07	0.15	0.09	0.09	0.17	0.09	0.03	0.02
YoY Growth	-	-	-13.15%	59.84%	-54.83%	68.64%	0.00%	-50.00%	100.00%	150.00%	48.61%	4.73%
Dividend Yield	-	-	0.70%	0.94%	0.36%	1.35%	0.71%	0.92%	1.11%	0.59%	0.15%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	310.16
(-) Cash Dividends Paid (M)	75.88
(=) Cash Retained (M)	234.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.03	38.77	23.26
Cash Retained (M)	234.29	234.29	234.29
(-) Cash Required (M)	-62.03	-38.77	-23.26
(=) Excess Retained (M)	172.25	195.52	211.02
(/) Shares Outstanding (M)	489.04	489.04	489.04
(=) Excess Retained per Share	0.35	0.40	0.43
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.35	0.40	0.43
(=) Adjusted Dividend	0.51	0.55	0.59
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$107.06	$118.21	$126.13
Upside / Downside	533.48%	599.44%	646.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	310.16	330.33	351.80	374.66	399.02	424.95	437.70
Payout Ratio	24.46%	37.57%	50.68%	63.79%	76.89%	90.00%	92.50%
Projected Dividends (M)	75.88	124.11	178.28	238.98	306.81	382.46	404.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	120.30	121.44	122.58
Year 2 PV (M)	167.51	170.70	173.92
Year 3 PV (M)	217.65	223.90	230.27
Year 4 PV (M)	270.86	281.27	291.99
Year 5 PV (M)	327.28	343.08	359.50
PV of Terminal Value (M)	34,645.77	36,319.18	38,056.62
Equity Value (M)	35,749.37	37,459.57	39,234.88
Shares Outstanding (M)	489.04	489.04	489.04
Fair Value	$73.10	$76.60	$80.23
Upside / Downside	332.55%	353.24%	374.72%

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ShenZhen Click Technology Co.,LTD. (002782.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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