DDM Analysis: 603926.SS

Valuation Snapshot

Stable Growth	$36.68 - $89.68	$84.05
Multi-Stage	$13.33 - $14.58	$13.94
Blended Fair Value	$48.99
Current Price	$17.64
Upside	177.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.97%	0.84%	0.43	0.11	0.16	0.38	0.21	0.14	0.61	0.01	0.12	0.12
YoY Growth	-	-	287.60%	-30.27%	-57.94%	79.21%	55.72%	-77.65%	10,362.91%	-95.06%	-1.05%	-70.00%
Dividend Yield	-	-	4.21%	0.95%	1.69%	3.59%	2.40%	1.51%	5.94%	0.04%	0.68%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101.73
(-) Cash Dividends Paid (M)	67.98
(=) Cash Retained (M)	33.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.35	12.72	7.63
Cash Retained (M)	33.75	33.75	33.75
(-) Cash Required (M)	-20.35	-12.72	-7.63
(=) Excess Retained (M)	13.41	21.04	26.12
(/) Shares Outstanding (M)	225.59	225.59	225.59
(=) Excess Retained per Share	0.06	0.09	0.12
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.06	0.09	0.12
(=) Adjusted Dividend	0.36	0.39	0.42
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.68	$84.05	$89.68
Upside / Downside	107.93%	376.45%	408.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101.73	108.34	115.38	122.88	130.87	139.38	143.56
Payout Ratio	66.82%	71.46%	76.09%	80.73%	85.36%	90.00%	92.50%
Projected Dividends (M)	67.98	77.42	87.80	99.20	111.72	125.44	132.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.98	72.67	73.35
Year 2 PV (M)	75.91	77.35	78.81
Year 3 PV (M)	79.75	82.04	84.37
Year 4 PV (M)	83.51	86.72	90.02
Year 5 PV (M)	87.18	91.39	95.77
PV of Terminal Value (M)	2,608.89	2,734.90	2,865.73
Equity Value (M)	3,007.21	3,145.06	3,288.05
Shares Outstanding (M)	225.59	225.59	225.59
Fair Value	$13.33	$13.94	$14.58
Upside / Downside	-24.43%	-20.97%	-17.37%

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Zhejiang Tieliu Clutch Co., Ltd. (603926.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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