DDM Analysis: 300445.SZ

Valuation Snapshot

Stable Growth	$102.43 - $120.68	$113.10
Multi-Stage	$82.70 - $90.78	$86.67
Blended Fair Value	$99.88
Current Price	$18.88
Upside	429.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.88%	7.09%	0.08	0.07	0.06	0.05	0.05	0.11	0.06	0.04	0.03	0.03
YoY Growth	-	-	15.76%	16.67%	12.75%	-1.49%	-53.33%	83.93%	61.37%	12.76%	5.17%	-19.53%
Dividend Yield	-	-	0.39%	0.37%	0.44%	0.44%	0.43%	0.93%	0.54%	0.30%	0.15%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130.33
(-) Cash Dividends Paid (M)	20.34
(=) Cash Retained (M)	109.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.07	16.29	9.77
Cash Retained (M)	109.99	109.99	109.99
(-) Cash Required (M)	-26.07	-16.29	-9.77
(=) Excess Retained (M)	83.92	93.70	100.21
(/) Shares Outstanding (M)	214.78	214.78	214.78
(=) Excess Retained per Share	0.39	0.44	0.47
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.39	0.44	0.47
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	-1.23%	-1.23%	-1.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$102.43	$113.10	$120.68
Upside / Downside	442.53%	499.02%	539.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.33	138.80	147.82	157.43	167.67	178.56	183.92
Payout Ratio	15.61%	30.49%	45.36%	60.24%	75.12%	90.00%	92.50%
Projected Dividends (M)	20.34	42.32	67.06	94.84	125.95	160.71	170.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.23%	-1.23%	-1.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.44	42.84	43.25
Year 2 PV (M)	67.46	68.74	70.04
Year 3 PV (M)	95.69	98.44	101.24
Year 4 PV (M)	127.45	132.36	137.40
Year 5 PV (M)	163.11	170.98	179.16
PV of Terminal Value (M)	17,266.57	18,100.55	18,966.45
Equity Value (M)	17,762.72	18,613.91	19,497.53
Shares Outstanding (M)	214.78	214.78	214.78
Fair Value	$82.70	$86.67	$90.78
Upside / Downside	338.04%	359.03%	380.83%

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Beijing ConST Instruments Technology Inc. (300445.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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