DDM Analysis: 300010.SZ

Valuation Snapshot

Stable Growth	$0.15 - $0.19	$0.17
Multi-Stage	$0.29 - $0.32	$0.30
Blended Fair Value	$0.24
Current Price	$8.28
Upside	-97.15%
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	-13.93%	7.02%	0.02	0.00	0.00	0.06	0.04	0.04	0.04	0.03	0.01	0.02
YoY Growth	-	-	18,306.47%	-81.48%	-99.08%	29.81%	15.38%	4.70%	27.09%	276.74%	-56.49%	91.40%
Dividend Yield	-	-	0.22%	0.00%	0.01%	1.61%	0.63%	0.24%	0.34%	0.25%	0.05%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118.03
(-) Cash Dividends Paid (M)	35.88
(=) Cash Retained (M)	82.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.61	14.75	8.85
Cash Retained (M)	82.15	82.15	82.15
(-) Cash Required (M)	-23.61	-14.75	-8.85
(=) Excess Retained (M)	58.54	67.40	73.30
(/) Shares Outstanding (M)	2,061.09	2,061.09	2,061.09
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.05	0.05	0.05
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-15.93%	-14.93%	-13.93%
Fair Value	$0.15	$0.17	$0.19
Upside / Downside	-98.21%	-97.93%	-97.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118.03	100.41	85.41	72.66	61.81	52.58	54.16
Payout Ratio	30.40%	42.32%	54.24%	66.16%	78.08%	90.00%	92.50%
Projected Dividends (M)	35.88	42.49	46.33	48.07	48.26	47.32	50.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-15.93%	-14.93%	-13.93%
Year 1 PV (M)	38.18	38.63	39.09
Year 2 PV (M)	37.40	38.29	39.20
Year 3 PV (M)	34.86	36.12	37.41
Year 4 PV (M)	31.45	32.97	34.55
Year 5 PV (M)	27.70	29.39	31.16
PV of Terminal Value (M)	419.29	444.83	471.60
Equity Value (M)	588.88	620.23	653.00
Shares Outstanding (M)	2,061.09	2,061.09	2,061.09
Fair Value	$0.29	$0.30	$0.32
Upside / Downside	-96.55%	-96.37%	-96.17%

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Doushen (Beijing) Education & Technology Inc. (300010.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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