DDM Analysis: 002085.SZ

Valuation Snapshot

Stable Growth	$64.62 - $76.17	$71.36
Multi-Stage	$45.60 - $50.14	$47.83
Blended Fair Value	$59.60
Current Price	$18.05
Upside	230.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.17%	10.51%	0.25	0.10	0.14	0.10	0.20	0.31	0.31	0.09	0.02	0.04
YoY Growth	-	-	155.83%	-30.43%	43.75%	-50.86%	-35.72%	0.00%	260.00%	300.00%	-41.80%	-59.86%
Dividend Yield	-	-	1.43%	0.61%	2.29%	2.32%	3.71%	4.75%	3.74%	0.70%	0.12%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	818.86
(-) Cash Dividends Paid (M)	360.60
(=) Cash Retained (M)	458.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	163.77	102.36	61.41
Cash Retained (M)	458.26	458.26	458.26
(-) Cash Required (M)	-163.77	-102.36	-61.41
(=) Excess Retained (M)	294.49	355.90	396.84
(/) Shares Outstanding (M)	2,091.95	2,091.95	2,091.95
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	-0.19%	-0.19%	-0.19%
Growth Rate	3.18%	4.18%	5.18%
Fair Value	$64.62	$71.36	$76.17
Upside / Downside	258.01%	295.37%	321.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	818.86	853.09	888.74	925.88	964.58	1,004.90	1,035.04
Payout Ratio	44.04%	53.23%	62.42%	71.61%	80.81%	90.00%	92.50%
Projected Dividends (M)	360.60	454.09	554.77	663.07	779.45	904.41	957.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.19%	-0.19%	-0.19%
Growth Rate	3.18%	4.18%	5.18%
Year 1 PV (M)	450.61	454.98	459.35
Year 2 PV (M)	546.29	556.93	567.68
Year 3 PV (M)	647.93	666.95	686.34
Year 4 PV (M)	755.81	785.54	816.13
Year 5 PV (M)	870.24	913.24	957.92
PV of Terminal Value (M)	92,124.58	96,676.25	101,406.08
Equity Value (M)	95,395.46	100,053.88	104,893.49
Shares Outstanding (M)	2,091.95	2,091.95	2,091.95
Fair Value	$45.60	$47.83	$50.14
Upside / Downside	152.64%	164.98%	177.79%

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Zhejiang Wanfeng Auto Wheel Co., Ltd. (002085.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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