DDM Analysis: 003041.SZ

Valuation Snapshot

Stable Growth	$26.50 - $51.23	$36.36
Multi-Stage	$132.88 - $146.84	$139.72
Blended Fair Value	$88.04
Current Price	$23.93
Upside	267.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2014	2013
DPS	126.13%	8.29%	0.52	0.33	0.15	0.00	0.00	0.01	0.03	0.02	0.17	0.21
YoY Growth	-	-	57.20%	120.74%	1,011,277.58%	-98.18%	-90.76%	-71.44%	31.57%	-85.89%	-20.41%	-11.09%
Dividend Yield	-	-	1.86%	2.53%	0.92%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	249.98
(-) Cash Dividends Paid (M)	69.84
(=) Cash Retained (M)	180.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.00	31.25	18.75
Cash Retained (M)	180.14	180.14	180.14
(-) Cash Required (M)	-50.00	-31.25	-18.75
(=) Excess Retained (M)	130.15	148.89	161.39
(/) Shares Outstanding (M)	144.01	144.01	144.01
(=) Excess Retained per Share	0.90	1.03	1.12
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.90	1.03	1.12
(=) Adjusted Dividend	1.39	1.52	1.61
WACC / Discount Rate	3.04%	3.04%	3.04%
Growth Rate	-2.09%	-1.09%	-0.09%
Fair Value	$26.50	$36.36	$51.23
Upside / Downside	10.73%	51.95%	114.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	249.98	247.26	244.57	241.91	239.28	236.68	243.78
Payout Ratio	27.94%	40.35%	52.76%	65.17%	77.59%	90.00%	92.50%
Projected Dividends (M)	69.84	99.77	129.04	157.66	185.65	213.01	225.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.04%	3.04%	3.04%
Growth Rate	-2.09%	-1.09%	-0.09%
Year 1 PV (M)	95.84	96.82	97.80
Year 2 PV (M)	119.08	121.53	124.00
Year 3 PV (M)	139.77	144.10	148.51
Year 4 PV (M)	158.11	164.67	171.43
Year 5 PV (M)	174.27	183.35	192.81
PV of Terminal Value (M)	18,448.20	19,409.71	20,410.91
Equity Value (M)	19,135.27	20,120.18	21,145.46
Shares Outstanding (M)	144.01	144.01	144.01
Fair Value	$132.88	$139.72	$146.84
Upside / Downside	455.27%	483.86%	513.61%

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Zhejiang Truelove Vogue Co., Ltd. (003041.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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