DDM Analysis: 002067.SZ

Valuation Snapshot

Stable Growth	$0.28 - $0.39	$0.33
Multi-Stage	$0.55 - $0.61	$0.58
Blended Fair Value	$0.45
Current Price	$6.28
Upside	-92.76%
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	-9.44%	-6.76%	0.05	0.02	0.02	0.02	0.06	0.09	0.12	0.14	0.09	0.12
YoY Growth	-	-	144.06%	-4.71%	-7.62%	-56.64%	-34.60%	-27.44%	-13.32%	51.51%	-21.72%	9.33%
Dividend Yield	-	-	1.40%	0.70%	0.65%	0.60%	1.44%	2.85%	2.78%	2.42%	1.45%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.09
(-) Cash Dividends Paid (M)	24.11
(=) Cash Retained (M)	37.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.42	7.76	4.66
Cash Retained (M)	37.98	37.98	37.98
(-) Cash Required (M)	-12.42	-7.76	-4.66
(=) Excess Retained (M)	25.56	30.22	33.32
(/) Shares Outstanding (M)	1,237.82	1,237.82	1,237.82
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.04	0.04	0.05
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	-5.05%	-4.05%	-3.05%
Fair Value	$0.28	$0.33	$0.39
Upside / Downside	-95.56%	-94.70%	-93.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.09	59.58	57.17	54.85	52.63	50.50	52.02
Payout Ratio	38.84%	49.07%	59.30%	69.53%	79.77%	90.00%	92.50%
Projected Dividends (M)	24.11	29.23	33.90	38.14	41.98	45.45	48.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	-5.05%	-4.05%	-3.05%
Year 1 PV (M)	26.64	26.92	27.20
Year 2 PV (M)	28.15	28.74	29.35
Year 3 PV (M)	28.86	29.78	30.72
Year 4 PV (M)	28.94	30.18	31.46
Year 5 PV (M)	28.55	30.09	31.69
PV of Terminal Value (M)	539.41	568.42	598.66
Equity Value (M)	680.54	714.12	749.07
Shares Outstanding (M)	1,237.82	1,237.82	1,237.82
Fair Value	$0.55	$0.58	$0.61
Upside / Downside	-91.25%	-90.81%	-90.36%

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Zhejiang Jingxing Paper Joint Stock Co., Ltd. (002067.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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