DDM Analysis: 300450.SZ

Valuation Snapshot

Stable Growth	$93.66 - $110.35	$103.41
Multi-Stage	$63.77 - $70.00	$66.83
Blended Fair Value	$85.12
Current Price	$62.22
Upside	36.80%
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	14.86%	36.84%	0.36	0.54	0.50	0.18	0.11	0.18	0.07	0.03	0.05	0.02
YoY Growth	-	-	-32.88%	7.57%	181.47%	66.10%	-40.77%	178.91%	86.34%	-27.67%	118.84%	39.95%
Dividend Yield	-	-	1.72%	2.16%	1.24%	0.31%	0.22%	0.77%	0.27%	0.15%	0.36%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	863.95
(-) Cash Dividends Paid (M)	152.24
(=) Cash Retained (M)	711.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	172.79	107.99	64.80
Cash Retained (M)	711.70	711.70	711.70
(-) Cash Required (M)	-172.79	-107.99	-64.80
(=) Excess Retained (M)	538.91	603.71	646.91
(/) Shares Outstanding (M)	1,557.07	1,557.07	1,557.07
(=) Excess Retained per Share	0.35	0.39	0.42
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.35	0.39	0.42
(=) Adjusted Dividend	0.44	0.49	0.51
WACC / Discount Rate	2.23%	2.23%	2.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$93.66	$103.41	$110.35
Upside / Downside	50.53%	66.20%	77.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	863.95	920.10	979.91	1,043.60	1,111.44	1,183.68	1,219.19
Payout Ratio	17.62%	32.10%	46.57%	61.05%	75.52%	90.00%	92.50%
Projected Dividends (M)	152.24	295.33	456.37	637.11	839.41	1,065.31	1,127.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.23%	2.23%	2.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	286.18	288.89	291.61
Year 2 PV (M)	428.54	436.70	444.94
Year 3 PV (M)	579.71	596.35	613.31
Year 4 PV (M)	740.13	768.59	797.87
Year 5 PV (M)	910.22	954.18	999.83
PV of Terminal Value (M)	96,356.68	101,010.75	105,842.93
Equity Value (M)	99,301.46	104,055.47	108,990.49
Shares Outstanding (M)	1,557.07	1,557.07	1,557.07
Fair Value	$63.77	$66.83	$70.00
Upside / Downside	2.50%	7.41%	12.50%

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Wuxi Lead Intelligent Equipment CO.,LTD. (300450.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener