DDM Analysis: 300357.SZ

Valuation Snapshot

Stable Growth	$14.12 - $30.17	$20.10
Multi-Stage	$10.22 - $11.17	$10.68
Blended Fair Value	$15.39
Current Price	$29.19
Upside	-47.27%
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	6.03%	12.39%	0.19	0.20	0.20	0.16	0.18	0.14	0.12	0.08	0.11	0.09
YoY Growth	-	-	-7.74%	0.36%	25.62%	-11.11%	29.60%	12.50%	60.00%	-28.57%	16.67%	60.00%
Dividend Yield	-	-	0.87%	0.83%	0.42%	0.41%	0.31%	0.31%	0.46%	0.40%	0.99%	0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	390.43
(-) Cash Dividends Paid (M)	52.43
(=) Cash Retained (M)	338.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.09	48.80	29.28
Cash Retained (M)	338.00	338.00	338.00
(-) Cash Required (M)	-78.09	-48.80	-29.28
(=) Excess Retained (M)	259.92	289.20	308.72
(/) Shares Outstanding (M)	523.58	523.58	523.58
(=) Excess Retained per Share	0.50	0.55	0.59
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.50	0.55	0.59
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.12	$20.10	$30.17
Upside / Downside	-51.63%	-31.15%	3.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	390.43	415.81	442.84	471.63	502.28	534.93	550.98
Payout Ratio	13.43%	28.74%	44.06%	59.37%	74.69%	90.00%	92.50%
Projected Dividends (M)	52.43	119.52	195.10	280.01	375.13	481.44	509.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	107.67	108.69	109.71
Year 2 PV (M)	158.35	161.37	164.41
Year 3 PV (M)	204.74	210.62	216.61
Year 4 PV (M)	247.11	256.62	266.39
Year 5 PV (M)	285.71	299.51	313.84
PV of Terminal Value (M)	4,347.09	4,557.05	4,775.06
Equity Value (M)	5,350.68	5,593.86	5,846.02
Shares Outstanding (M)	523.58	523.58	523.58
Fair Value	$10.22	$10.68	$11.17
Upside / Downside	-64.99%	-63.40%	-61.75%

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Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. (300357.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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