DDM Analysis: 603726.SS

Valuation Snapshot

Stable Growth	$78.83 - $229.97	$215.52
Multi-Stage	$31.65 - $34.63	$33.11
Blended Fair Value	$124.32
Current Price	$27.18
Upside	357.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.55%	20.48%	0.45	0.42	0.47	0.47	0.41	0.44	0.28	0.23	0.00	0.05
YoY Growth	-	-	8.18%	-11.21%	0.01%	14.11%	-6.23%	54.29%	24.51%	0.00%	-100.00%	-28.88%
Dividend Yield	-	-	2.86%	3.29%	3.59%	3.51%	3.40%	2.15%	1.94%	1.51%	0.00%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	215.07
(-) Cash Dividends Paid (M)	81.21
(=) Cash Retained (M)	133.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.01	26.88	16.13
Cash Retained (M)	133.86	133.86	133.86
(-) Cash Required (M)	-43.01	-26.88	-16.13
(=) Excess Retained (M)	90.84	106.97	117.73
(/) Shares Outstanding (M)	185.98	185.98	185.98
(=) Excess Retained per Share	0.49	0.58	0.63
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.49	0.58	0.63
(=) Adjusted Dividend	0.93	1.01	1.07
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.83	$215.52	$229.97
Upside / Downside	190.03%	692.93%	746.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	215.07	229.04	243.93	259.79	276.67	294.66	303.50
Payout Ratio	37.76%	48.21%	58.66%	69.10%	79.55%	90.00%	92.50%
Projected Dividends (M)	81.21	110.42	143.08	179.52	220.10	265.19	280.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	102.48	103.45	104.42
Year 2 PV (M)	123.24	125.59	127.96
Year 3 PV (M)	143.51	147.63	151.82
Year 4 PV (M)	163.29	169.57	176.03
Year 5 PV (M)	182.59	191.41	200.57
PV of Terminal Value (M)	5,170.93	5,420.69	5,680.01
Equity Value (M)	5,886.03	6,158.33	6,440.80
Shares Outstanding (M)	185.98	185.98	185.98
Fair Value	$31.65	$33.11	$34.63
Upside / Downside	16.44%	21.83%	27.41%

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Zhejiang Langdi Group Co., Ltd. (603726.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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