DDM Analysis: 600576.SS

Valuation Snapshot

Stable Growth	$4.00 - $9.75	$5.96
Multi-Stage	$2.77 - $3.03	$2.90
Blended Fair Value	$4.43
Current Price	$7.72
Upside	-42.65%
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	69.30%	19.82%	0.02	0.01	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	21.45%	-28.02%	-21.45%	1,288.53%	45.86%	0.00%	0.00%	0.00%	-100.00%	-26.99%
Dividend Yield	-	-	0.18%	0.21%	0.24%	0.38%	0.03%	0.03%	0.00%	0.00%	0.00%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	192.60
(-) Cash Dividends Paid (M)	22.91
(=) Cash Retained (M)	169.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.52	24.08	14.45
Cash Retained (M)	169.69	169.69	169.69
(-) Cash Required (M)	-38.52	-24.08	-14.45
(=) Excess Retained (M)	131.17	145.62	155.25
(/) Shares Outstanding (M)	1,047.34	1,047.34	1,047.34
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	9.38%	9.38%	9.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.00	$5.96	$9.75
Upside / Downside	-48.13%	-22.82%	26.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	192.60	205.12	218.46	232.66	247.78	263.88	271.80
Payout Ratio	11.90%	27.52%	43.14%	58.76%	74.38%	90.00%	92.50%
Projected Dividends (M)	22.91	56.44	94.24	136.70	184.30	237.50	251.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.38%	9.38%	9.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51.12	51.60	52.09
Year 2 PV (M)	77.30	78.77	80.26
Year 3 PV (M)	101.56	104.48	107.45
Year 4 PV (M)	124.00	128.77	133.68
Year 5 PV (M)	144.73	151.72	158.98
PV of Terminal Value (M)	2,402.80	2,518.86	2,639.36
Equity Value (M)	2,901.51	3,034.20	3,171.80
Shares Outstanding (M)	1,047.34	1,047.34	1,047.34
Fair Value	$2.77	$2.90	$3.03
Upside / Downside	-64.11%	-62.47%	-60.77%

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Zhejiang Sunriver Culture Co.,Ltd. (600576.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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