DDM Analysis: 300628.SZ

Valuation Snapshot

Stable Growth	$37.66 - $79.88	$53.47
Multi-Stage	$29.23 - $31.83	$30.50
Blended Fair Value	$41.99
Current Price	$37.00
Upside	13.47%
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	39.42%	35.46%	1.50	1.42	0.57	0.46	0.43	0.28	0.19	0.11	0.06	0.09
YoY Growth	-	-	5.07%	149.58%	23.04%	8.80%	50.08%	50.43%	77.78%	92.01%	-36.87%	21.85%
Dividend Yield	-	-	3.66%	5.17%	1.05%	0.83%	0.88%	0.73%	0.79%	0.70%	0.28%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,541.34
(-) Cash Dividends Paid (M)	1,641.20
(=) Cash Retained (M)	900.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	508.27	317.67	190.60
Cash Retained (M)	900.14	900.14	900.14
(-) Cash Required (M)	-508.27	-317.67	-190.60
(=) Excess Retained (M)	391.87	582.47	709.54
(/) Shares Outstanding (M)	1,265.72	1,265.72	1,265.72
(=) Excess Retained per Share	0.31	0.46	0.56
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	0.31	0.46	0.56
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.66	$53.47	$79.88
Upside / Downside	1.79%	44.51%	115.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,541.34	2,706.53	2,882.45	3,069.81	3,269.35	3,481.85	3,586.31
Payout Ratio	64.58%	69.66%	74.75%	79.83%	84.92%	90.00%	92.50%
Projected Dividends (M)	1,641.20	1,885.48	2,154.58	2,450.69	2,776.20	3,133.67	3,317.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,697.99	1,714.08	1,730.17
Year 2 PV (M)	1,747.38	1,780.66	1,814.26
Year 3 PV (M)	1,789.89	1,841.27	1,893.63
Year 4 PV (M)	1,826.00	1,896.23	1,968.46
Year 5 PV (M)	1,856.17	1,945.82	2,038.91
PV of Terminal Value (M)	28,073.56	29,429.53	30,837.38
Equity Value (M)	36,990.99	38,607.59	40,282.81
Shares Outstanding (M)	1,265.72	1,265.72	1,265.72
Fair Value	$29.23	$30.50	$31.83
Upside / Downside	-21.01%	-17.56%	-13.98%

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Financial Statements

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Yealink Network Technology Co., Ltd. (300628.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener