DDM Analysis: 002666.SZ

Valuation Snapshot

Stable Growth	$1.00 - $1.67	$1.29
Multi-Stage	$1.16 - $1.27	$1.21
Blended Fair Value	$1.25
Current Price	$5.33
Upside	-76.50%
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	-18.43%	4.20%	0.08	0.03	0.01	0.09	0.04	0.23	0.04	0.04	0.05	0.05
YoY Growth	-	-	148.60%	131.26%	-84.37%	167.24%	-84.96%	465.96%	0.01%	-22.96%	1.67%	-5.71%
Dividend Yield	-	-	1.81%	0.74%	0.29%	1.87%	0.75%	4.37%	0.81%	0.55%	0.68%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.41
(-) Cash Dividends Paid (M)	12.79
(=) Cash Retained (M)	57.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.08	8.80	5.28
Cash Retained (M)	57.61	57.61	57.61
(-) Cash Required (M)	-14.08	-8.80	-5.28
(=) Excess Retained (M)	43.53	48.81	52.33
(/) Shares Outstanding (M)	855.63	855.63	855.63
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	2.20%	3.20%	4.20%
Fair Value	$1.00	$1.29	$1.67
Upside / Downside	-81.30%	-75.76%	-68.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.41	72.66	74.99	77.40	79.88	82.44	84.91
Payout Ratio	18.17%	32.54%	46.90%	61.27%	75.63%	90.00%	92.50%
Projected Dividends (M)	12.79	23.64	35.17	47.42	60.41	74.19	78.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	2.20%	3.20%	4.20%
Year 1 PV (M)	21.49	21.70	21.91
Year 2 PV (M)	29.06	29.63	30.21
Year 3 PV (M)	35.60	36.66	37.74
Year 4 PV (M)	41.23	42.87	44.55
Year 5 PV (M)	46.02	48.32	50.70
PV of Terminal Value (M)	817.92	858.73	901.15
Equity Value (M)	991.33	1,037.90	1,086.25
Shares Outstanding (M)	855.63	855.63	855.63
Fair Value	$1.16	$1.21	$1.27
Upside / Downside	-78.26%	-77.24%	-76.18%

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Guangdong Delian Group Co., Ltd. (002666.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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