DDM Analysis: 603199.SS

Valuation Snapshot

Stable Growth	$111.00 - $382.26	$358.23
Multi-Stage	$51.68 - $56.56	$54.07
Blended Fair Value	$206.15
Current Price	$36.12
Upside	470.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.97%	11.59%	0.79	0.00	0.17	0.15	0.22	0.17	0.15	0.14	0.13	0.17
YoY Growth	-	-	0.00%	-100.00%	13.33%	-31.82%	29.41%	13.33%	7.14%	7.69%	-22.39%	-36.50%
Dividend Yield	-	-	2.21%	0.00%	0.59%	0.58%	1.02%	0.83%	0.65%	0.52%	0.35%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	213.12
(-) Cash Dividends Paid (M)	75.26
(=) Cash Retained (M)	137.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.62	26.64	15.98
Cash Retained (M)	137.86	137.86	137.86
(-) Cash Required (M)	-42.62	-26.64	-15.98
(=) Excess Retained (M)	95.24	111.22	121.88
(/) Shares Outstanding (M)	110.68	110.68	110.68
(=) Excess Retained per Share	0.86	1.00	1.10
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	0.86	1.00	1.10
(=) Adjusted Dividend	1.54	1.68	1.78
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.31%	6.31%	7.31%
Fair Value	$111.00	$358.23	$382.26
Upside / Downside	207.31%	891.78%	958.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	213.12	226.57	240.86	256.06	272.22	289.39	298.08
Payout Ratio	35.31%	46.25%	57.19%	68.13%	79.06%	90.00%	92.50%
Projected Dividends (M)	75.26	104.79	137.75	174.44	215.22	260.45	275.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.31%	6.31%	7.31%
Year 1 PV (M)	97.22	98.15	99.07
Year 2 PV (M)	118.57	120.83	123.11
Year 3 PV (M)	139.31	143.32	147.40
Year 4 PV (M)	159.46	165.61	171.93
Year 5 PV (M)	179.04	187.70	196.70
PV of Terminal Value (M)	5,026.10	5,269.31	5,521.84
Equity Value (M)	5,719.70	5,984.91	6,260.05
Shares Outstanding (M)	110.68	110.68	110.68
Fair Value	$51.68	$54.07	$56.56
Upside / Downside	43.07%	49.70%	56.59%

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Anhui Jiuhuashan Tourism Development Co., Ltd. (603199.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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