DDM Analysis: 300664.SZ

Valuation Snapshot

Stable Growth	$9.65 - $52.06	$17.49
Multi-Stage	$7.38 - $8.08	$7.72
Blended Fair Value	$12.61
Current Price	$5.25
Upside	140.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.01%	6.28%	0.23	0.25	0.17	0.16	0.14	0.15	0.12	0.06	0.11	0.11
YoY Growth	-	-	-6.40%	45.63%	4.06%	20.91%	-10.25%	24.43%	114.55%	-47.53%	-6.37%	-8.93%
Dividend Yield	-	-	4.56%	5.09%	3.10%	2.64%	1.73%	1.74%	1.54%	0.40%	1.26%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	219.53
(-) Cash Dividends Paid (M)	52.06
(=) Cash Retained (M)	167.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.91	27.44	16.46
Cash Retained (M)	167.47	167.47	167.47
(-) Cash Required (M)	-43.91	-27.44	-16.46
(=) Excess Retained (M)	123.56	140.03	151.01
(/) Shares Outstanding (M)	741.73	741.73	741.73
(=) Excess Retained per Share	0.17	0.19	0.20
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.17	0.19	0.20
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$9.65	$17.49	$52.06
Upside / Downside	83.79%	233.14%	891.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	219.53	231.12	243.32	256.16	269.68	283.92	292.43
Payout Ratio	23.72%	36.97%	50.23%	63.49%	76.74%	90.00%	92.50%
Projected Dividends (M)	52.06	85.45	122.22	162.63	206.96	255.53	270.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	79.22	79.98	80.74
Year 2 PV (M)	105.05	107.07	109.12
Year 3 PV (M)	129.60	133.36	137.20
Year 4 PV (M)	152.91	158.86	164.98
Year 5 PV (M)	175.02	183.58	192.47
PV of Terminal Value (M)	4,828.68	5,064.70	5,309.85
Equity Value (M)	5,470.48	5,727.55	5,994.35
Shares Outstanding (M)	741.73	741.73	741.73
Fair Value	$7.38	$7.72	$8.08
Upside / Downside	40.48%	47.08%	53.93%

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Penyao Environmental Protection Co., Ltd. (300664.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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