DDM Analysis: 300540.SZ

Valuation Snapshot

Stable Growth	$7.39 - $16.29	$10.64
Multi-Stage	$7.44 - $8.15	$7.79
Blended Fair Value	$9.21
Current Price	$19.63
Upside	-53.07%
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	-3.92%	-8.40%	0.03	0.02	0.02	0.06	0.02	0.03	0.04	0.04	0.02	0.05
YoY Growth	-	-	57.72%	-16.00%	-64.01%	169.35%	-36.25%	-7.13%	-21.02%	85.80%	-51.16%	-23.69%
Dividend Yield	-	-	0.16%	0.10%	0.15%	0.32%	0.16%	0.37%	0.28%	0.42%	0.10%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.61
(-) Cash Dividends Paid (M)	11.85
(=) Cash Retained (M)	56.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.72	8.58	5.15
Cash Retained (M)	56.77	56.77	56.77
(-) Cash Required (M)	-13.72	-8.58	-5.15
(=) Excess Retained (M)	43.04	48.19	51.62
(/) Shares Outstanding (M)	178.41	178.41	178.41
(=) Excess Retained per Share	0.24	0.27	0.29
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.24	0.27	0.29
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	3.36%	4.36%	5.36%
Fair Value	$7.39	$10.64	$16.29
Upside / Downside	-62.34%	-45.81%	-17.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.61	71.60	74.72	77.97	81.37	84.91	87.46
Payout Ratio	17.27%	31.81%	46.36%	60.91%	75.45%	90.00%	92.50%
Projected Dividends (M)	11.85	22.78	34.64	47.49	61.40	76.42	80.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	3.36%	4.36%	5.36%
Year 1 PV (M)	20.96	21.16	21.36
Year 2 PV (M)	29.32	29.89	30.46
Year 3 PV (M)	36.98	38.06	39.17
Year 4 PV (M)	43.98	45.71	47.48
Year 5 PV (M)	50.36	52.85	55.43
PV of Terminal Value (M)	1,144.88	1,201.35	1,260.02
Equity Value (M)	1,326.47	1,389.01	1,453.93
Shares Outstanding (M)	178.41	178.41	178.41
Fair Value	$7.44	$7.79	$8.15
Upside / Downside	-62.12%	-60.34%	-58.48%

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Sichuan Shudao Equipment & Technology Co.,Ltd. (300540.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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