DDM Analysis: 000713.SZ

Valuation Snapshot

Stable Growth	$0.73 - $1.12	$0.92
Multi-Stage	$1.20 - $1.32	$1.26
Blended Fair Value	$1.09
Current Price	$6.82
Upside	-84.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.30%	-3.34%	0.03	0.03	0.03	0.02	0.03	0.03	0.03	0.00	0.02	0.03
YoY Growth	-	-	6.20%	-14.35%	52.75%	-27.26%	5.55%	14.54%	570.22%	-78.24%	-38.46%	-35.07%
Dividend Yield	-	-	0.44%	0.43%	0.35%	0.23%	0.32%	0.40%	0.75%	0.10%	0.31%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.18
(-) Cash Dividends Paid (M)	17.00
(=) Cash Retained (M)	33.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.04	6.27	3.76
Cash Retained (M)	33.18	33.18	33.18
(-) Cash Required (M)	-10.04	-6.27	-3.76
(=) Excess Retained (M)	23.15	26.91	29.42
(/) Shares Outstanding (M)	614.92	614.92	614.92
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	-0.70%	0.30%	1.30%
Fair Value	$0.73	$0.92	$1.12
Upside / Downside	-89.23%	-86.58%	-83.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.18	50.33	50.48	50.64	50.79	50.94	52.47
Payout Ratio	33.87%	45.10%	56.32%	67.55%	78.77%	90.00%	92.50%
Projected Dividends (M)	17.00	22.70	28.43	34.20	40.01	45.85	48.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	-0.70%	0.30%	1.30%
Year 1 PV (M)	20.78	20.99	21.20
Year 2 PV (M)	23.84	24.32	24.81
Year 3 PV (M)	26.25	27.06	27.87
Year 4 PV (M)	28.12	29.27	30.45
Year 5 PV (M)	29.50	31.02	32.60
PV of Terminal Value (M)	609.13	640.42	672.99
Equity Value (M)	737.62	773.08	809.92
Shares Outstanding (M)	614.92	614.92	614.92
Fair Value	$1.20	$1.26	$1.32
Upside / Downside	-82.41%	-81.57%	-80.69%

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SDIC Fengle Seed Co., Ltd. (000713.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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