DDM Analysis: 000423.SZ

Valuation Snapshot

Stable Growth	$213.46 - $519.50	$486.84
Multi-Stage	$76.40 - $83.59	$79.93
Blended Fair Value	$283.39
Current Price	$47.40
Upside	497.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.36%	15.12%	2.93	1.18	0.65	0.31	0.23	1.11	0.97	0.95	0.82	0.82
YoY Growth	-	-	148.20%	80.90%	112.41%	33.96%	-79.40%	15.22%	1.21%	16.11%	0.85%	13.75%
Dividend Yield	-	-	4.85%	1.87%	1.23%	0.91%	0.61%	4.32%	1.96%	1.55%	1.25%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,678.83
(-) Cash Dividends Paid (M)	817.85
(=) Cash Retained (M)	860.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.77	209.85	125.91
Cash Retained (M)	860.98	860.98	860.98
(-) Cash Required (M)	-335.77	-209.85	-125.91
(=) Excess Retained (M)	525.22	651.13	735.07
(/) Shares Outstanding (M)	642.70	642.70	642.70
(=) Excess Retained per Share	0.82	1.01	1.14
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	0.82	1.01	1.14
(=) Adjusted Dividend	2.09	2.29	2.42
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$213.46	$486.84	$519.50
Upside / Downside	350.35%	927.10%	995.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,678.83	1,787.96	1,904.18	2,027.95	2,159.76	2,300.15	2,369.15
Payout Ratio	48.72%	56.97%	65.23%	73.49%	81.74%	90.00%	92.50%
Projected Dividends (M)	817.85	1,018.64	1,242.08	1,490.26	1,765.46	2,070.13	2,191.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	947.20	956.18	965.15
Year 2 PV (M)	1,073.96	1,094.42	1,115.06
Year 3 PV (M)	1,198.18	1,232.57	1,267.62
Year 4 PV (M)	1,319.88	1,370.64	1,422.85
Year 5 PV (M)	1,439.12	1,508.63	1,580.80
PV of Terminal Value (M)	43,123.33	45,206.20	47,368.79
Equity Value (M)	49,101.66	51,368.63	53,720.28
Shares Outstanding (M)	642.70	642.70	642.70
Fair Value	$76.40	$79.93	$83.59
Upside / Downside	61.18%	68.62%	76.34%

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Dong-E-E-Jiao Co.,Ltd. (000423.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener