DDM Analysis: 300566.SZ

Valuation Snapshot

Stable Growth	$50.99 - $141.19	$132.32
Multi-Stage	$19.71 - $21.57	$20.62
Blended Fair Value	$76.47
Current Price	$18.93
Upside	303.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.97%	9.07%	0.22	0.15	0.21	0.16	0.10	0.13	0.13	0.10	0.11	0.10
YoY Growth	-	-	48.11%	-29.44%	26.05%	56.89%	-18.58%	-0.30%	24.03%	-1.76%	6.29%	9.65%
Dividend Yield	-	-	1.07%	1.02%	1.08%	0.82%	0.35%	0.95%	1.05%	0.75%	0.49%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.88
(-) Cash Dividends Paid (M)	61.16
(=) Cash Retained (M)	126.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.58	23.49	14.09
Cash Retained (M)	126.72	126.72	126.72
(-) Cash Required (M)	-37.58	-23.49	-14.09
(=) Excess Retained (M)	89.14	103.23	112.63
(/) Shares Outstanding (M)	264.64	264.64	264.64
(=) Excess Retained per Share	0.34	0.39	0.43
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.34	0.39	0.43
(=) Adjusted Dividend	0.57	0.62	0.66
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.99	$132.32	$141.19
Upside / Downside	169.37%	598.98%	645.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.88	200.09	213.10	226.95	241.70	257.41	265.13
Payout Ratio	32.55%	44.04%	55.53%	67.02%	78.51%	90.00%	92.50%
Projected Dividends (M)	61.16	88.13	118.34	152.11	189.76	231.67	245.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.84	82.61	83.39
Year 2 PV (M)	102.05	103.99	105.95
Year 3 PV (M)	121.80	125.30	128.86
Year 4 PV (M)	141.11	146.54	152.12
Year 5 PV (M)	159.98	167.71	175.73
PV of Terminal Value (M)	4,608.28	4,830.86	5,061.96
Equity Value (M)	5,215.06	5,457.02	5,708.02
Shares Outstanding (M)	264.64	264.64	264.64
Fair Value	$19.71	$20.62	$21.57
Upside / Downside	4.10%	8.93%	13.94%

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Ningbo Exciton Technology Co., Ltd. (300566.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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