DDM Analysis: 603269.SS

Valuation Snapshot

Stable Growth	$36.78 - $90.09	$84.42
Multi-Stage	$13.42 - $14.67	$14.03
Blended Fair Value	$49.23
Current Price	$14.10
Upside	249.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.72%	13.75%	0.29	0.20	0.20	0.17	0.13	0.09	0.12	0.05	0.07	0.08
YoY Growth	-	-	47.94%	1.85%	13.61%	27.67%	43.68%	-19.32%	114.02%	-24.06%	-5.83%	-6.48%
Dividend Yield	-	-	3.64%	2.81%	3.43%	3.41%	3.61%	2.12%	2.02%	0.61%	1.71%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.19
(-) Cash Dividends Paid (M)	75.12
(=) Cash Retained (M)	31.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.24	13.27	7.96
Cash Retained (M)	31.07	31.07	31.07
(-) Cash Required (M)	-21.24	-13.27	-7.96
(=) Excess Retained (M)	9.83	17.79	23.10
(/) Shares Outstanding (M)	234.43	234.43	234.43
(=) Excess Retained per Share	0.04	0.08	0.10
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.04	0.08	0.10
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.78	$84.42	$90.09
Upside / Downside	160.87%	498.75%	538.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.19	113.09	120.44	128.27	136.61	145.49	149.86
Payout Ratio	70.74%	74.60%	78.45%	82.30%	86.15%	90.00%	92.50%
Projected Dividends (M)	75.12	84.36	94.48	105.57	117.69	130.94	138.62

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)	78.44	79.18	79.93
Year 2 PV (M)	81.69	83.24	84.81
Year 3 PV (M)	84.86	87.30	89.78
Year 4 PV (M)	87.96	91.35	94.83
Year 5 PV (M)	91.00	95.40	99.96
PV of Terminal Value (M)	2,721.77	2,853.23	2,989.73
Equity Value (M)	3,145.72	3,289.70	3,439.03
Shares Outstanding (M)	234.43	234.43	234.43
Fair Value	$13.42	$14.03	$14.67
Upside / Downside	-4.83%	-0.48%	4.04%

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Jiangsu Seagull Cooling Tower Co.,Ltd. (603269.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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