DDM Analysis: 688568.SS

Valuation Snapshot

Stable Growth	$13.51 - $48.87	$22.51
Multi-Stage	$8.63 - $9.43	$9.02
Blended Fair Value	$15.77
Current Price	$43.54
Upside	-63.79%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	133.69%	0.00%	0.12	0.07	0.06	0.07	0.00	0.00	0.06	0.00	0.00	0.00
YoY Growth	-	-	64.10%	18.54%	-5.00%	0.00%	-100.00%	-97.10%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.33%	0.29%	0.26%	0.34%	0.00%	0.01%	0.23%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	352.49
(-) Cash Dividends Paid (M)	102.63
(=) Cash Retained (M)	249.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.50	44.06	26.44
Cash Retained (M)	249.86	249.86	249.86
(-) Cash Required (M)	-70.50	-44.06	-26.44
(=) Excess Retained (M)	179.36	205.80	223.42
(/) Shares Outstanding (M)	742.08	742.08	742.08
(=) Excess Retained per Share	0.24	0.28	0.30
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.24	0.28	0.30
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.51	$22.51	$48.87
Upside / Downside	-68.96%	-48.30%	12.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	352.49	375.40	399.80	425.79	453.46	482.94	497.43
Payout Ratio	29.11%	41.29%	53.47%	65.65%	77.82%	90.00%	92.50%
Projected Dividends (M)	102.63	155.01	213.77	279.51	352.90	434.64	460.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	141.57	142.91	144.25
Year 2 PV (M)	178.30	181.70	185.13
Year 3 PV (M)	212.92	219.04	225.26
Year 4 PV (M)	245.52	254.96	264.67
Year 5 PV (M)	276.17	289.51	303.36
PV of Terminal Value (M)	5,348.18	5,606.50	5,874.71
Equity Value (M)	6,402.66	6,694.61	6,997.38
Shares Outstanding (M)	742.08	742.08	742.08
Fair Value	$8.63	$9.02	$9.43
Upside / Downside	-80.18%	-79.28%	-78.34%

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Geovis Technology Co.,Ltd (688568.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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