DDM Analysis: 300785.SZ

Valuation Snapshot

Stable Growth	$2.08 - $2.81	$2.46
Multi-Stage	$2.52 - $2.75	$2.63
Blended Fair Value	$2.54
Current Price	$38.50
Upside	-93.39%
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	0.89%	0.00%	0.16	0.16	0.33	0.23	0.18	0.15	0.11	0.03	0.03	0.00
YoY Growth	-	-	0.30%	-52.98%	48.49%	27.15%	17.39%	40.53%	266.67%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.49%	0.72%	1.01%	0.93%	0.50%	0.36%	0.88%	0.24%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.88
(-) Cash Dividends Paid (M)	32.64
(=) Cash Retained (M)	52.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.98	10.61	6.37
Cash Retained (M)	52.25	52.25	52.25
(-) Cash Required (M)	-16.98	-10.61	-6.37
(=) Excess Retained (M)	35.27	41.64	45.88
(/) Shares Outstanding (M)	204.75	204.75	204.75
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	14.65%	14.65%	14.65%
Growth Rate	-1.11%	-0.11%	0.89%
Fair Value	$2.08	$2.46	$2.81
Upside / Downside	-94.59%	-93.62%	-92.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.88	84.79	84.70	84.61	84.51	84.42	86.95
Payout Ratio	38.45%	48.76%	59.07%	69.38%	79.69%	90.00%	92.50%
Projected Dividends (M)	32.64	41.34	50.03	58.70	67.35	75.98	80.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	14.65%	14.65%	14.65%
Growth Rate	-1.11%	-0.11%	0.89%
Year 1 PV (M)	35.70	36.06	36.42
Year 2 PV (M)	37.31	38.06	38.83
Year 3 PV (M)	37.79	38.95	40.13
Year 4 PV (M)	37.44	38.98	40.57
Year 5 PV (M)	36.48	38.36	40.32
PV of Terminal Value (M)	331.54	348.65	366.45
Equity Value (M)	516.26	539.07	562.72
Shares Outstanding (M)	204.75	204.75	204.75
Fair Value	$2.52	$2.63	$2.75
Upside / Downside	-93.45%	-93.16%	-92.86%

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Beijing Zhidemai Technology Co., Ltd. (300785.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener