DDM Analysis: 688118.SS

Valuation Snapshot

Stable Growth	$2.37 - $3.40	$2.87
Multi-Stage	$3.88 - $4.25	$4.06
Blended Fair Value	$3.47
Current Price	$29.11
Upside	-88.09%
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	0.00%	0.00%	0.10	0.00	0.50	0.31	0.17	0.00	0.36	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	62.85%	84.69%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.40%	0.00%	1.89%	1.48%	0.80%	0.00%	0.84%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.21
(-) Cash Dividends Paid (M)	13.77
(=) Cash Retained (M)	17.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.24	3.90	2.34
Cash Retained (M)	17.44	17.44	17.44
(-) Cash Required (M)	-6.24	-3.90	-2.34
(=) Excess Retained (M)	11.20	13.54	15.10
(/) Shares Outstanding (M)	91.96	91.96	91.96
(=) Excess Retained per Share	0.12	0.15	0.16
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.12	0.15	0.16
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.37	$2.87	$3.40
Upside / Downside	-91.87%	-90.13%	-88.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.21	30.90	30.59	30.28	29.98	29.68	30.57
Payout Ratio	44.13%	53.30%	62.48%	71.65%	80.83%	90.00%	92.50%
Projected Dividends (M)	13.77	16.47	19.11	21.70	24.23	26.71	28.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.92	15.08	15.23
Year 2 PV (M)	15.69	16.02	16.34
Year 3 PV (M)	16.15	16.65	17.16
Year 4 PV (M)	16.34	17.02	17.72
Year 5 PV (M)	16.32	17.17	18.06
PV of Terminal Value (M)	277.09	291.52	306.55
Equity Value (M)	356.53	373.46	391.05
Shares Outstanding (M)	91.96	91.96	91.96
Fair Value	$3.88	$4.06	$4.25
Upside / Downside	-86.68%	-86.05%	-85.39%

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Primeton Information Technologies, Inc. (688118.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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