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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.9% - 8.9% | 9.4% |
| Fair Value | €4.40 - €6.50 | €5.25 |
| Upside | 37.5% - 103.0% | 64.0% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (CNY in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 575 | 1,263 | 1,477 | 1,945 | 2,276 | 2,484 | 2,484 | |
| % Growth | 71.6% | 119.5% | 16.9% | 31.7% | 17.0% | 9.2% | ||
| Payout Ratio | 43.8% | 53.0% | 62.0% | 71.0% | 80.0% | 90.0% | 92.5% | |
| Projected Dividends | 252 | 669 | 915 | 1,381 | 1,821 | 2,236 | 2,298 | |
| % Growth | 165.6% | 36.8% | 50.9% | 31.8% | 22.8% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (CNY in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 19 | 25 | 84 | 83 | 252 | 83 | 252 | |
| % Growth | 29% | 239% | -1% | 204% | 204% | |||
| Net Income to Common | 87 | 193 | 181 | 335 | 575 | 335 | 575 | |
| % Growth | 123% | -7% | 86% | 72% | 72% | |||
| Payout Ratio | 22% | 13% | 46% | 25% | 44% | 25% | 44% | |
| Retention Ratio | 78% | 87% | 54% | 75% | 56% | 75% | 56% | |
| Adjusted EBITDA | 137 | 276 | 271 | 532 | 904 | 532 | 904 | |
| % Growth | 101% | -2% | 96% | 70% | 70% | |||
| Total Debt | 108 | 128 | 190 | 205 | 264 | 205 | 264 | |
| Shareholder's Equity | 713 | 1,040 | 1,148 | 1,406 | 3,135 | 1,406 | 3,135 | |
| Debt / EBITDA | 0.8 | 0.5 | 0.7 | 0.4 | 0.3 | 0.2 | ||
| Debt / Equity | 15% | 12% | 17% | 15% | 8% | 15% | 8% | |
| 3-Yr Avg. Dividend Growth | 147.3% | |||||||
| 5-Yr Median Payout Ratio | 24.7% | |||||||