DDM Analysis: 000917.SZ

Valuation Snapshot

Stable Growth	$0.73 - $1.05	$0.89
Multi-Stage	$3.51 - $3.89	$3.70
Blended Fair Value	$2.29
Current Price	$8.38
Upside	-72.65%
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	39.74%	-4.72%	0.09	0.08	0.11	0.17	0.21	0.02	0.23	0.26	0.29	0.24
YoY Growth	-	-	11.06%	-20.36%	-37.21%	-19.52%	1,092.31%	-92.33%	-14.09%	-9.56%	21.42%	59.86%
Dividend Yield	-	-	1.16%	1.27%	1.72%	3.03%	4.56%	0.29%	2.46%	3.38%	2.20%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	167.06
(-) Cash Dividends Paid (M)	90.99
(=) Cash Retained (M)	76.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.41	20.88	12.53
Cash Retained (M)	76.06	76.06	76.06
(-) Cash Required (M)	-33.41	-20.88	-12.53
(=) Excess Retained (M)	42.65	55.18	63.53
(/) Shares Outstanding (M)	1,462.57	1,462.57	1,462.57
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	4.89%	4.89%	4.89%
Growth Rate	-6.72%	-5.72%	-4.72%
Fair Value	$0.73	$0.89	$1.05
Upside / Downside	-91.24%	-89.40%	-87.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	167.06	157.50	148.49	140.00	131.99	124.44	128.18
Payout Ratio	54.47%	61.58%	68.68%	75.79%	82.89%	90.00%	92.50%
Projected Dividends (M)	90.99	96.98	101.99	106.10	109.41	112.00	118.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.89%	4.89%	4.89%
Growth Rate	-6.72%	-5.72%	-4.72%
Year 1 PV (M)	91.48	92.46	93.44
Year 2 PV (M)	90.75	92.70	94.68
Year 3 PV (M)	89.06	91.95	94.91
Year 4 PV (M)	86.63	90.40	94.30
Year 5 PV (M)	83.65	88.23	93.01
PV of Terminal Value (M)	4,691.70	4,948.63	5,216.70
Equity Value (M)	5,133.26	5,404.38	5,687.04
Shares Outstanding (M)	1,462.57	1,462.57	1,462.57
Fair Value	$3.51	$3.70	$3.89
Upside / Downside	-58.12%	-55.91%	-53.60%

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Hunan TV & Broadcast Intermediary Co., Ltd. (000917.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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