DDM Analysis: 300801.SZ

Valuation Snapshot

Stable Growth	$11.24 - $24.46	$16.11
Multi-Stage	$8.18 - $8.93	$8.55
Blended Fair Value	$12.33
Current Price	$26.35
Upside	-53.21%
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	0.00%	44.63%	0.24	0.47	0.40	0.25	0.28	0.00	0.06	0.00	0.00	0.19
YoY Growth	-	-	-48.21%	16.35%	60.00%	-10.00%	0.00%	-100.00%	0.00%	-100.00%	-99.81%	3,009.87%
Dividend Yield	-	-	1.38%	3.27%	1.90%	1.10%	1.38%	0.00%	0.24%	0.00%	0.00%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	125.60
(-) Cash Dividends Paid (M)	27.99
(=) Cash Retained (M)	97.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.12	15.70	9.42
Cash Retained (M)	97.61	97.61	97.61
(-) Cash Required (M)	-25.12	-15.70	-9.42
(=) Excess Retained (M)	72.49	81.91	88.19
(/) Shares Outstanding (M)	216.16	216.16	216.16
(=) Excess Retained per Share	0.34	0.38	0.41
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.34	0.38	0.41
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.24	$16.11	$24.46
Upside / Downside	-57.33%	-38.88%	-7.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	125.60	133.76	142.45	151.71	161.57	172.08	177.24
Payout Ratio	22.29%	35.83%	49.37%	62.91%	76.46%	90.00%	92.50%
Projected Dividends (M)	27.99	47.92	70.33	95.45	123.54	154.87	163.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.21	43.62	44.03
Year 2 PV (M)	57.18	58.27	59.37
Year 3 PV (M)	69.97	71.98	74.03
Year 4 PV (M)	81.66	84.80	88.03
Year 5 PV (M)	92.31	96.77	101.40
PV of Terminal Value (M)	1,424.09	1,492.87	1,564.29
Equity Value (M)	1,768.43	1,848.32	1,931.15
Shares Outstanding (M)	216.16	216.16	216.16
Fair Value	$8.18	$8.55	$8.93
Upside / Downside	-68.95%	-67.55%	-66.10%

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Shandong Taihe Water Treatment Technologies Co., Ltd. (300801.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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