DDM Analysis: 688597.SS

Valuation Snapshot

Stable Growth	$28.64 - $78.06	$73.16
Multi-Stage	$10.99 - $12.03	$11.50
Blended Fair Value	$42.33
Current Price	$8.35
Upside	406.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.84%	7.61%	0.06	0.10	0.05	0.17	0.09	0.09	0.00	0.03	0.02	0.05
YoY Growth	-	-	-43.40%	117.74%	-72.57%	99.41%	-1.37%	3,918.42%	-91.17%	1.57%	-45.31%	58.89%
Dividend Yield	-	-	0.71%	1.73%	0.66%	2.53%	1.19%	1.21%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	89.69
(-) Cash Dividends Paid (M)	34.11
(=) Cash Retained (M)	55.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.94	11.21	6.73
Cash Retained (M)	55.58	55.58	55.58
(-) Cash Required (M)	-17.94	-11.21	-6.73
(=) Excess Retained (M)	37.64	44.37	48.85
(/) Shares Outstanding (M)	228.48	228.48	228.48
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.64	$73.16	$78.06
Upside / Downside	242.94%	776.15%	834.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	89.69	95.52	101.73	108.34	115.38	122.88	126.57
Payout Ratio	38.03%	48.43%	58.82%	69.21%	79.61%	90.00%	92.50%
Projected Dividends (M)	34.11	46.25	59.83	74.98	91.85	110.59	117.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.96	43.37	43.77
Year 2 PV (M)	51.61	52.60	53.59
Year 3 PV (M)	60.08	61.80	63.56
Year 4 PV (M)	68.35	70.98	73.68
Year 5 PV (M)	76.43	80.13	83.96
PV of Terminal Value (M)	2,212.63	2,319.51	2,430.47
Equity Value (M)	2,512.07	2,628.38	2,749.03
Shares Outstanding (M)	228.48	228.48	228.48
Fair Value	$10.99	$11.50	$12.03
Upside / Downside	31.67%	37.77%	44.09%

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Beijing Yupont Electric Power Technology Co., Ltd. (688597.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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