DDM Analysis: 000568.SZ

Valuation Snapshot

Stable Growth	$957.99 - $1,711.42	$1,603.85
Multi-Stage	$268.36 - $293.99	$280.94
Blended Fair Value	$942.40
Current Price	$131.92
Upside	614.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.13%	16.43%	5.62	4.44	3.35	2.16	1.65	1.63	1.30	0.94	0.80	0.83
YoY Growth	-	-	26.40%	32.88%	55.09%	31.02%	1.18%	25.04%	37.78%	18.09%	-3.20%	-32.69%
Dividend Yield	-	-	4.33%	2.32%	1.31%	1.16%	0.73%	2.21%	1.93%	1.66%	1.90%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,642.34
(-) Cash Dividends Paid (M)	2,188.31
(=) Cash Retained (M)	10,454.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,528.47	1,580.29	948.18
Cash Retained (M)	10,454.03	10,454.03	10,454.03
(-) Cash Required (M)	-2,528.47	-1,580.29	-948.18
(=) Excess Retained (M)	7,925.56	8,873.74	9,505.85
(/) Shares Outstanding (M)	1,469.10	1,469.10	1,469.10
(=) Excess Retained per Share	5.39	6.04	6.47
LTM Dividend per Share	1.49	1.49	1.49
(+) Excess Retained per Share	5.39	6.04	6.47
(=) Adjusted Dividend	6.88	7.53	7.96
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$957.99	$1,603.85	$1,711.42
Upside / Downside	626.19%	1,115.78%	1,197.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,642.34	13,464.09	14,339.26	15,271.31	16,263.94	17,321.10	17,840.73
Payout Ratio	17.31%	31.85%	46.39%	60.92%	75.46%	90.00%	92.50%
Projected Dividends (M)	2,188.31	4,287.98	6,651.36	9,303.86	12,273.08	15,588.99	16,502.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,997.54	4,035.43	4,073.33
Year 2 PV (M)	5,780.85	5,890.95	6,002.10
Year 3 PV (M)	7,538.50	7,754.90	7,975.40
Year 4 PV (M)	9,270.77	9,627.30	9,994.01
Year 5 PV (M)	10,977.94	11,508.18	12,058.71
PV of Terminal Value (M)	356,685.50	373,913.54	391,800.94
Equity Value (M)	394,251.09	412,730.31	431,904.50
Shares Outstanding (M)	1,469.10	1,469.10	1,469.10
Fair Value	$268.36	$280.94	$293.99
Upside / Downside	103.43%	112.96%	122.86%

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Luzhou Laojiao Co.,Ltd. (000568.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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