DDM Analysis: 603817.SS

Valuation Snapshot

Stable Growth	$39.76 - $77.09	$72.25
Multi-Stage	$11.96 - $13.09	$12.52
Blended Fair Value	$42.38
Current Price	$6.22
Upside	581.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.12%	-1.01%	0.23	0.05	0.05	0.05	0.05	0.04	0.02	0.06	0.05	0.03
YoY Growth	-	-	322.33%	0.71%	13.80%	0.05%	11.52%	126.09%	-67.14%	11.35%	92.11%	-89.47%
Dividend Yield	-	-	4.18%	0.99%	0.92%	0.73%	0.76%	0.75%	0.23%	0.58%	0.23%	0.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	213.35
(-) Cash Dividends Paid (M)	70.38
(=) Cash Retained (M)	142.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.67	26.67	16.00
Cash Retained (M)	142.97	142.97	142.97
(-) Cash Required (M)	-42.67	-26.67	-16.00
(=) Excess Retained (M)	100.30	116.30	126.97
(/) Shares Outstanding (M)	550.38	550.38	550.38
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.76	$72.25	$77.09
Upside / Downside	539.15%	1,061.53%	1,139.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	213.35	227.22	241.99	257.72	274.47	292.31	301.08
Payout Ratio	32.99%	44.39%	55.79%	67.19%	78.60%	90.00%	92.50%
Projected Dividends (M)	70.38	100.86	135.01	173.17	215.73	263.08	278.50

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)	93.97	94.86	95.75
Year 2 PV (M)	117.20	119.43	121.68
Year 3 PV (M)	140.06	144.08	148.18
Year 4 PV (M)	162.56	168.81	175.24
Year 5 PV (M)	184.70	193.62	202.88
PV of Terminal Value (M)	5,884.04	6,168.24	6,463.32
Equity Value (M)	6,582.53	6,889.04	7,207.06
Shares Outstanding (M)	550.38	550.38	550.38
Fair Value	$11.96	$12.52	$13.09
Upside / Downside	92.28%	101.24%	110.53%

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Fujian Haixia Environmental Protection Group Co.,Ltd. (603817.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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