DDM Analysis: 2314.HK

Valuation Snapshot

Stable Growth	$6.02 - $9.30	$7.54
Multi-Stage	$33.75 - $37.36	$35.52
Blended Fair Value	$21.53
Current Price	$2.27
Upside	848.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-15.49%	-2.19%	0.12	0.06	0.18	0.33	0.25	0.29	0.41	0.29	0.22	0.17
YoY Growth	-	-	111.36%	-66.92%	-47.33%	32.00%	-11.33%	-31.00%	40.44%	35.38%	26.40%	12.06%
Dividend Yield	-	-	5.10%	2.54%	5.11%	6.16%	3.98%	4.83%	6.22%	3.14%	3.61%	3.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,866.94
(-) Cash Dividends Paid (M)	829.32
(=) Cash Retained (M)	2,037.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	573.39	358.37	215.02
Cash Retained (M)	2,037.62	2,037.62	2,037.62
(-) Cash Required (M)	-573.39	-358.37	-215.02
(=) Excess Retained (M)	1,464.23	1,679.25	1,822.60
(/) Shares Outstanding (M)	4,299.05	4,299.05	4,299.05
(=) Excess Retained per Share	0.34	0.39	0.42
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.34	0.39	0.42
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	-4.19%	-3.19%	-2.19%
Fair Value	$6.02	$7.54	$9.30
Upside / Downside	165.24%	232.27%	309.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,866.94	2,775.36	2,686.70	2,600.88	2,517.80	2,437.37	2,510.49
Payout Ratio	28.93%	41.14%	53.36%	65.57%	77.79%	90.00%	92.50%
Projected Dividends (M)	829.32	1,141.83	1,433.52	1,705.42	1,958.48	2,193.63	2,322.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	-4.19%	-3.19%	-2.19%
Year 1 PV (M)	1,083.50	1,094.81	1,106.12
Year 2 PV (M)	1,290.80	1,317.89	1,345.26
Year 3 PV (M)	1,457.18	1,503.29	1,550.36
Year 4 PV (M)	1,587.92	1,655.27	1,724.73
Year 5 PV (M)	1,687.73	1,777.67	1,871.40
PV of Terminal Value (M)	137,983.79	145,336.93	153,000.26
Equity Value (M)	145,090.91	152,685.84	160,598.12
Shares Outstanding (M)	4,299.05	4,299.05	4,299.05
Fair Value	$33.75	$35.52	$37.36
Upside / Downside	1,386.76%	1,464.59%	1,545.67%

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Financial Statements

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Ticker

Industry

Sector

Lee & Man Paper Manufacturing Limited (2314.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener