DDM Analysis: 300638.SZ

Valuation Snapshot

Stable Growth	$8.52 - $18.78	$12.26
Multi-Stage	$6.08 - $6.64	$6.35
Blended Fair Value	$9.31
Current Price	$30.37
Upside	-69.35%
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	61.69%	70.11%	0.44	0.08	0.11	0.09	0.08	0.04	0.01	0.00	0.01	0.02
YoY Growth	-	-	430.34%	-23.76%	14.12%	20.08%	99.48%	202.97%	1,229.79%	-92.48%	-33.33%	809.09%
Dividend Yield	-	-	1.35%	0.46%	0.55%	0.46%	0.46%	0.33%	0.12%	0.02%	0.60%	0.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	332.22
(-) Cash Dividends Paid (M)	34.21
(=) Cash Retained (M)	298.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.44	41.53	24.92
Cash Retained (M)	298.01	298.01	298.01
(-) Cash Required (M)	-66.44	-41.53	-24.92
(=) Excess Retained (M)	231.57	256.49	273.10
(/) Shares Outstanding (M)	765.49	765.49	765.49
(=) Excess Retained per Share	0.30	0.34	0.36
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.30	0.34	0.36
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.52	$12.26	$18.78
Upside / Downside	-71.94%	-59.62%	-38.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	332.22	353.81	376.81	401.30	427.39	455.17	468.82
Payout Ratio	10.30%	26.24%	42.18%	58.12%	74.06%	90.00%	92.50%
Projected Dividends (M)	34.21	92.83	158.93	233.23	316.52	409.65	433.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	83.75	84.55	85.34
Year 2 PV (M)	129.37	131.83	134.32
Year 3 PV (M)	171.28	176.20	181.21
Year 4 PV (M)	209.72	217.78	226.08
Year 5 PV (M)	244.88	256.71	268.99
PV of Terminal Value (M)	3,813.42	3,997.61	4,188.85
Equity Value (M)	4,652.42	4,864.68	5,084.78
Shares Outstanding (M)	765.49	765.49	765.49
Fair Value	$6.08	$6.35	$6.64
Upside / Downside	-79.99%	-79.07%	-78.13%

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Fibocom Wireless Inc. (300638.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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