DDM Analysis: 300866.SZ

Valuation Snapshot

Stable Growth	$457.44 - $958.50	$898.25
Multi-Stage	$146.70 - $160.55	$153.50
Blended Fair Value	$525.87
Current Price	$121.73
Upside	332.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	52.46%	0.00%	2.12	0.96	0.61	0.62	0.00	0.26	0.33	0.55	0.25	0.00
YoY Growth	-	-	121.23%	57.36%	-1.76%	13,918.47%	-98.28%	-21.88%	-40.25%	124.68%	0.00%	0.00%
Dividend Yield	-	-	2.05%	1.53%	1.19%	1.19%	0.00%	0.23%	0.00%	0.49%	0.22%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,575.64
(-) Cash Dividends Paid (M)	1,131.17
(=) Cash Retained (M)	1,444.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	515.13	321.96	193.17
Cash Retained (M)	1,444.47	1,444.47	1,444.47
(-) Cash Required (M)	-515.13	-321.96	-193.17
(=) Excess Retained (M)	929.34	1,122.52	1,251.30
(/) Shares Outstanding (M)	534.41	534.41	534.41
(=) Excess Retained per Share	1.74	2.10	2.34
LTM Dividend per Share	2.12	2.12	2.12
(+) Excess Retained per Share	1.74	2.10	2.34
(=) Adjusted Dividend	3.86	4.22	4.46
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$457.44	$898.25	$958.50
Upside / Downside	275.78%	637.90%	687.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,575.64	2,743.06	2,921.36	3,111.25	3,313.48	3,528.85	3,634.72
Payout Ratio	43.92%	53.13%	62.35%	71.57%	80.78%	90.00%	92.50%
Projected Dividends (M)	1,131.17	1,457.51	1,821.49	2,226.63	2,676.75	3,175.97	3,362.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,357.11	1,369.98	1,382.84
Year 2 PV (M)	1,579.20	1,609.28	1,639.64
Year 3 PV (M)	1,797.48	1,849.08	1,901.66
Year 4 PV (M)	2,012.00	2,089.37	2,168.96
Year 5 PV (M)	2,222.81	2,330.17	2,441.64
PV of Terminal Value (M)	69,428.25	72,781.67	76,263.42
Equity Value (M)	78,396.85	82,029.54	85,798.16
Shares Outstanding (M)	534.41	534.41	534.41
Fair Value	$146.70	$153.50	$160.55
Upside / Downside	20.51%	26.09%	31.89%

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Anker Innovations Limited (300866.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener