DDM Analysis: 600882.SS

Valuation Snapshot

Stable Growth	$28.30 - $89.18	$83.57
Multi-Stage	$11.75 - $12.86	$12.30
Blended Fair Value	$47.93
Current Price	$24.38
Upside	96.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-21.37%	-19.89%	0.05	0.03	0.06	0.04	0.08	0.18	0.18	0.16	0.04	0.00
YoY Growth	-	-	59.58%	-39.53%	31.36%	-45.42%	-56.55%	1.87%	11.27%	295.27%	876.02%	-99.17%
Dividend Yield	-	-	0.23%	0.24%	0.19%	0.12%	0.14%	0.79%	1.81%	1.92%	0.39%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	204.52
(-) Cash Dividends Paid (M)	32.33
(=) Cash Retained (M)	172.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.90	25.56	15.34
Cash Retained (M)	172.18	172.18	172.18
(-) Cash Required (M)	-40.90	-25.56	-15.34
(=) Excess Retained (M)	131.28	146.62	156.84
(/) Shares Outstanding (M)	456.10	456.10	456.10
(=) Excess Retained per Share	0.29	0.32	0.34
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.29	0.32	0.34
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.30	$83.57	$89.18
Upside / Downside	16.07%	242.78%	265.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	204.52	217.81	231.97	247.05	263.10	280.20	288.61
Payout Ratio	15.81%	30.65%	45.49%	60.32%	75.16%	90.00%	92.50%
Projected Dividends (M)	32.33	66.75	105.51	149.03	197.75	252.18	266.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.90	62.48	63.07
Year 2 PV (M)	90.71	92.44	94.18
Year 3 PV (M)	118.80	122.21	125.68
Year 4 PV (M)	146.17	151.79	157.57
Year 5 PV (M)	172.83	181.18	189.84
PV of Terminal Value (M)	4,767.87	4,998.16	5,237.26
Equity Value (M)	5,358.27	5,608.25	5,867.61
Shares Outstanding (M)	456.10	456.10	456.10
Fair Value	$11.75	$12.30	$12.86
Upside / Downside	-51.81%	-49.57%	-47.23%

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Shanghai Milkground Food Tech Co., Ltd (600882.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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