DDM Analysis: 603687.SS

Valuation Snapshot

Stable Growth	$20.64 - $39.90	$37.39
Multi-Stage	$6.27 - $6.86	$6.56
Blended Fair Value	$21.98
Current Price	$9.17
Upside	139.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.01%	15.02%	0.05	0.02	0.03	0.05	0.02	0.02	0.01	0.10	0.47	0.01
YoY Growth	-	-	123.30%	-18.21%	-48.77%	132.32%	14.49%	100.78%	-89.43%	-79.34%	5,290.69%	-31.08%
Dividend Yield	-	-	0.73%	0.19%	0.28%	0.60%	0.27%	0.13%	0.10%	0.91%	4.40%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.46
(-) Cash Dividends Paid (M)	60.63
(=) Cash Retained (M)	53.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.89	14.31	8.58
Cash Retained (M)	53.83	53.83	53.83
(-) Cash Required (M)	-22.89	-14.31	-8.58
(=) Excess Retained (M)	30.94	39.53	45.25
(/) Shares Outstanding (M)	570.51	570.51	570.51
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.64	$37.39	$39.90
Upside / Downside	125.04%	307.78%	335.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.46	121.90	129.83	138.27	147.25	156.82	161.53
Payout Ratio	52.97%	60.38%	67.78%	75.19%	82.59%	90.00%	92.50%
Projected Dividends (M)	60.63	73.60	88.00	103.96	121.62	141.14	149.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	68.57	69.22	69.87
Year 2 PV (M)	76.39	77.85	79.32
Year 3 PV (M)	84.08	86.50	88.96
Year 4 PV (M)	91.65	95.18	98.80
Year 5 PV (M)	99.10	103.89	108.86
PV of Terminal Value (M)	3,159.41	3,312.01	3,470.45
Equity Value (M)	3,579.22	3,744.65	3,916.26
Shares Outstanding (M)	570.51	570.51	570.51
Fair Value	$6.27	$6.56	$6.86
Upside / Downside	-31.58%	-28.42%	-25.14%

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Zhejiang Great Shengda Packaging Co.,Ltd. (603687.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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