DDM Analysis: 300525.SZ

Valuation Snapshot

Stable Growth	$9.53 - $29.63	$15.26
Multi-Stage	$6.33 - $6.91	$6.61
Blended Fair Value	$10.94
Current Price	$13.83
Upside	-20.92%
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	26.86%	0.00%	0.20	0.08	0.06	0.05	0.04	0.06	0.02	0.00	0.02	0.00
YoY Growth	-	-	135.60%	47.30%	6.36%	25.79%	-29.25%	201.44%	470,697.39%	-99.98%	20,066.43%	0.00%
Dividend Yield	-	-	1.17%	0.63%	0.29%	0.47%	0.45%	0.61%	0.27%	0.00%	0.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	274.85
(-) Cash Dividends Paid (M)	94.75
(=) Cash Retained (M)	180.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.97	34.36	20.61
Cash Retained (M)	180.10	180.10	180.10
(-) Cash Required (M)	-54.97	-34.36	-20.61
(=) Excess Retained (M)	125.13	145.75	159.49
(/) Shares Outstanding (M)	755.90	755.90	755.90
(=) Excess Retained per Share	0.17	0.19	0.21
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.17	0.19	0.21
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.53	$15.26	$29.63
Upside / Downside	-31.09%	10.34%	114.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	274.85	292.72	311.74	332.01	353.59	376.57	387.87
Payout Ratio	34.47%	45.58%	56.68%	67.79%	78.89%	90.00%	92.50%
Projected Dividends (M)	94.75	133.41	176.70	225.06	278.96	338.91	358.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.56	122.71	123.86
Year 2 PV (M)	146.70	149.50	152.32
Year 3 PV (M)	170.25	175.13	180.11
Year 4 PV (M)	192.27	199.66	207.27
Year 5 PV (M)	212.84	223.12	233.79
PV of Terminal Value (M)	3,938.77	4,129.02	4,326.54
Equity Value (M)	4,782.38	4,999.14	5,223.89
Shares Outstanding (M)	755.90	755.90	755.90
Fair Value	$6.33	$6.61	$6.91
Upside / Downside	-54.25%	-52.18%	-50.03%

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Fujian Boss Software Corp. (300525.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener