DDM Analysis: 003017.SZ

Valuation Snapshot

Stable Growth	$111.68 - $224.95	$210.81
Multi-Stage	$34.54 - $37.81	$36.14
Blended Fair Value	$123.48
Current Price	$32.39
Upside	281.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.25%	8.55%	0.52	0.52	0.48	0.47	0.17	0.29	0.29	0.33	0.28	0.11
YoY Growth	-	-	0.24%	9.08%	1.97%	172.28%	-41.29%	2.40%	-14.21%	20.90%	142.84%	-50.59%
Dividend Yield	-	-	2.49%	2.72%	2.22%	1.65%	0.53%	0.99%	0.96%	1.12%	0.93%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.52
(-) Cash Dividends Paid (M)	29.89
(=) Cash Retained (M)	62.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.50	11.56	6.94
Cash Retained (M)	62.63	62.63	62.63
(-) Cash Required (M)	-18.50	-11.56	-6.94
(=) Excess Retained (M)	44.13	51.07	55.69
(/) Shares Outstanding (M)	81.79	81.79	81.79
(=) Excess Retained per Share	0.54	0.62	0.68
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.54	0.62	0.68
(=) Adjusted Dividend	0.90	0.99	1.05
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$111.68	$210.81	$224.95
Upside / Downside	244.80%	550.84%	594.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.52	98.53	104.94	111.76	119.02	126.76	130.56
Payout Ratio	32.30%	43.84%	55.38%	66.92%	78.46%	90.00%	92.50%
Projected Dividends (M)	29.89	43.20	58.12	74.79	93.38	114.08	120.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.24	40.62	41.00
Year 2 PV (M)	50.42	51.38	52.35
Year 3 PV (M)	60.43	62.17	63.94
Year 4 PV (M)	70.28	72.99	75.77
Year 5 PV (M)	79.97	83.84	87.85
PV of Terminal Value (M)	2,523.55	2,645.44	2,771.99
Equity Value (M)	2,824.89	2,956.42	3,092.88
Shares Outstanding (M)	81.79	81.79	81.79
Fair Value	$34.54	$36.14	$37.81
Upside / Downside	6.63%	11.59%	16.74%

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Zhejiang Dayang Biology Technology Co.,Ltd. (003017.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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