DDM Analysis: 603568.SS

Valuation Snapshot

Stable Growth	$114.78 - $315.15	$295.34
Multi-Stage	$44.16 - $48.33	$46.21
Blended Fair Value	$170.77
Current Price	$19.72
Upside	765.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.53%	17.99%	0.36	0.19	0.10	0.22	0.17	0.13	0.10	0.08	0.05	0.02
YoY Growth	-	-	91.61%	93.08%	-55.49%	27.03%	32.03%	31.99%	25.10%	51.43%	122.45%	-65.96%
Dividend Yield	-	-	1.71%	1.01%	0.54%	0.99%	1.03%	0.78%	0.98%	0.94%	0.58%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,727.96
(-) Cash Dividends Paid (M)	931.37
(=) Cash Retained (M)	1,796.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	545.59	341.00	204.60
Cash Retained (M)	1,796.59	1,796.59	1,796.59
(-) Cash Required (M)	-545.59	-341.00	-204.60
(=) Excess Retained (M)	1,251.00	1,455.60	1,591.99
(/) Shares Outstanding (M)	1,721.49	1,721.49	1,721.49
(=) Excess Retained per Share	0.73	0.85	0.92
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.73	0.85	0.92
(=) Adjusted Dividend	1.27	1.39	1.47
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$114.78	$295.34	$315.15
Upside / Downside	482.04%	1,397.67%	1,498.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,727.96	2,905.28	3,094.13	3,295.24	3,509.43	3,737.55	3,849.67
Payout Ratio	34.14%	45.31%	56.49%	67.66%	78.83%	90.00%	92.50%
Projected Dividends (M)	931.37	1,316.48	1,747.72	2,229.45	2,766.43	3,363.79	3,560.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,222.63	1,234.22	1,245.81
Year 2 PV (M)	1,507.41	1,536.12	1,565.10
Year 3 PV (M)	1,785.82	1,837.09	1,889.32
Year 4 PV (M)	2,057.97	2,137.11	2,218.52
Year 5 PV (M)	2,323.96	2,436.21	2,552.75
PV of Terminal Value (M)	67,121.45	70,363.44	73,729.51
Equity Value (M)	76,019.23	79,544.18	83,201.01
Shares Outstanding (M)	1,721.49	1,721.49	1,721.49
Fair Value	$44.16	$46.21	$48.33
Upside / Downside	123.93%	134.31%	145.09%

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Zhejiang Weiming Environment Protection Co., Ltd. (603568.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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