DDM Analysis: 002440.SZ

Valuation Snapshot

Stable Growth	$1.47 - $2.07	$1.77
Multi-Stage	$4.26 - $4.70	$4.47
Blended Fair Value	$3.12
Current Price	$7.06
Upside	-55.79%
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	-20.85%	-4.12%	0.16	0.26	0.36	0.35	0.36	0.51	0.31	0.24	0.27	0.36
YoY Growth	-	-	-39.52%	-27.60%	1.84%	-1.57%	-29.23%	66.23%	29.32%	-10.66%	-26.28%	49.34%
Dividend Yield	-	-	2.34%	4.22%	4.67%	4.11%	3.67%	5.30%	1.96%	1.67%	2.38%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	287.60
(-) Cash Dividends Paid (M)	174.62
(=) Cash Retained (M)	112.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.52	35.95	21.57
Cash Retained (M)	112.98	112.98	112.98
(-) Cash Required (M)	-57.52	-35.95	-21.57
(=) Excess Retained (M)	55.46	77.03	91.41
(/) Shares Outstanding (M)	1,163.88	1,163.88	1,163.88
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-6.12%	-5.12%	-4.12%
Fair Value	$1.47	$1.77	$2.07
Upside / Downside	-79.14%	-74.96%	-70.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	287.60	272.88	258.91	245.66	233.09	221.16	227.80
Payout Ratio	60.72%	66.57%	72.43%	78.29%	84.14%	90.00%	92.50%
Projected Dividends (M)	174.62	181.66	187.53	192.32	196.13	199.05	210.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-6.12%	-5.12%	-4.12%
Year 1 PV (M)	168.80	170.60	172.40
Year 2 PV (M)	161.91	165.38	168.89
Year 3 PV (M)	154.29	159.28	164.36
Year 4 PV (M)	146.21	152.54	159.07
Year 5 PV (M)	137.87	145.37	153.20
PV of Terminal Value (M)	4,186.76	4,414.54	4,652.13
Equity Value (M)	4,955.84	5,207.70	5,470.04
Shares Outstanding (M)	1,163.88	1,163.88	1,163.88
Fair Value	$4.26	$4.47	$4.70
Upside / Downside	-39.69%	-36.62%	-33.43%

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Zhejiang Runtu Co., Ltd. (002440.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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