DDM Analysis: 600300.SS

Valuation Snapshot

Stable Growth	$1.45 - $2.04	$1.74
Multi-Stage	$4.31 - $4.76	$4.53
Blended Fair Value	$3.14
Current Price	$3.34
Upside	-6.03%
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	-4.76%	-4.06%	0.07	0.03	0.03	0.13	0.07	0.09	0.09	0.08	0.10	0.08
YoY Growth	-	-	119.13%	9.45%	-78.60%	95.04%	-21.73%	-2.02%	8.79%	-19.38%	23.00%	-20.27%
Dividend Yield	-	-	2.06%	1.08%	0.90%	3.00%	1.87%	2.64%	2.52%	1.97%	1.56%	1.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	406.40
(-) Cash Dividends Paid (M)	210.99
(=) Cash Retained (M)	195.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.28	50.80	30.48
Cash Retained (M)	195.41	195.41	195.41
(-) Cash Required (M)	-81.28	-50.80	-30.48
(=) Excess Retained (M)	114.13	144.61	164.93
(/) Shares Outstanding (M)	1,701.65	1,701.65	1,701.65
(=) Excess Retained per Share	0.07	0.08	0.10
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.07	0.08	0.10
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-6.06%	-5.06%	-4.06%
Fair Value	$1.45	$1.74	$2.04
Upside / Downside	-56.58%	-47.78%	-38.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	406.40	385.82	366.28	347.73	330.12	313.40	322.80
Payout Ratio	51.92%	59.53%	67.15%	74.77%	82.38%	90.00%	92.50%
Projected Dividends (M)	210.99	229.69	245.96	259.98	271.96	282.06	298.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-6.06%	-5.06%	-4.06%
Year 1 PV (M)	213.78	216.06	218.33
Year 2 PV (M)	213.07	217.63	222.24
Year 3 PV (M)	209.62	216.38	223.29
Year 4 PV (M)	204.09	212.92	222.03
Year 5 PV (M)	197.00	207.72	218.89
PV of Terminal Value (M)	6,300.92	6,643.53	7,000.88
Equity Value (M)	7,338.48	7,714.23	8,105.66
Shares Outstanding (M)	1,701.65	1,701.65	1,701.65
Fair Value	$4.31	$4.53	$4.76
Upside / Downside	29.12%	35.73%	42.62%

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V V Food & Beverage Co.,Ltd (600300.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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