DDM Analysis: 300976.SZ

Valuation Snapshot

Stable Growth	$196.95 - $508.92	$476.93
Multi-Stage	$72.83 - $79.71	$76.21
Blended Fair Value	$276.57
Current Price	$72.80
Upside	279.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014
DPS	130.01%	0.00%	0.20	0.66	0.99	0.46	0.00	0.00	0.01	0.01	0.00	0.00
YoY Growth	-	-	-70.17%	-33.14%	116.00%	0.00%	-100.00%	-58.22%	-49.31%	3,194.83%	-46.74%	0.00%
Dividend Yield	-	-	0.42%	2.30%	2.66%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	290.61
(-) Cash Dividends Paid (M)	104.55
(=) Cash Retained (M)	186.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.12	36.33	21.80
Cash Retained (M)	186.06	186.06	186.06
(-) Cash Required (M)	-58.12	-36.33	-21.80
(=) Excess Retained (M)	127.94	149.73	164.26
(/) Shares Outstanding (M)	113.56	113.56	113.56
(=) Excess Retained per Share	1.13	1.32	1.45
LTM Dividend per Share	0.92	0.92	0.92
(+) Excess Retained per Share	1.13	1.32	1.45
(=) Adjusted Dividend	2.05	2.24	2.37
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$196.95	$476.93	$508.92
Upside / Downside	170.54%	555.13%	599.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	290.61	309.50	329.61	351.04	373.86	398.16	410.10
Payout Ratio	35.98%	46.78%	57.59%	68.39%	79.20%	90.00%	92.50%
Projected Dividends (M)	104.55	144.79	189.81	240.08	296.08	358.34	379.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	134.55	135.83	137.10
Year 2 PV (M)	163.92	167.05	170.20
Year 3 PV (M)	192.68	198.21	203.84
Year 4 PV (M)	220.82	229.31	238.05
Year 5 PV (M)	248.37	260.36	272.82
PV of Terminal Value (M)	7,310.36	7,663.45	8,030.06
Equity Value (M)	8,270.70	8,654.21	9,052.07
Shares Outstanding (M)	113.56	113.56	113.56
Fair Value	$72.83	$76.21	$79.71
Upside / Downside	0.04%	4.68%	9.49%

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Dongguan Tarry Electronics Co.,Ltd (300976.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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