DDM Analysis: 300702.SZ

Valuation Snapshot

Stable Growth	$45.49 - $109.22	$102.35
Multi-Stage	$25.44 - $27.92	$26.66
Blended Fair Value	$64.50
Current Price	$25.80
Upside	150.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.76%	6.11%	0.20	0.15	0.10	0.28	0.26	0.08	0.05	0.09	0.13	0.07
YoY Growth	-	-	37.32%	46.90%	-64.00%	6.10%	233.28%	51.86%	-39.39%	-34.90%	81.99%	-35.38%
Dividend Yield	-	-	1.05%	0.91%	0.43%	0.60%	0.48%	0.17%	0.27%	0.57%	1.10%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191.75
(-) Cash Dividends Paid (M)	48.78
(=) Cash Retained (M)	142.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.35	23.97	14.38
Cash Retained (M)	142.98	142.98	142.98
(-) Cash Required (M)	-38.35	-23.97	-14.38
(=) Excess Retained (M)	104.63	119.01	128.60
(/) Shares Outstanding (M)	344.64	344.64	344.64
(=) Excess Retained per Share	0.30	0.35	0.37
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.30	0.35	0.37
(=) Adjusted Dividend	0.45	0.49	0.51
WACC / Discount Rate	5.13%	5.13%	5.13%
Growth Rate	4.11%	5.11%	6.11%
Fair Value	$45.49	$102.35	$109.22
Upside / Downside	76.32%	296.69%	323.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191.75	201.55	211.85	222.68	234.06	246.02	253.40
Payout Ratio	25.44%	38.35%	51.26%	64.17%	77.09%	90.00%	92.50%
Projected Dividends (M)	48.78	77.29	108.60	142.90	180.43	221.42	234.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.13%	5.13%	5.13%
Growth Rate	4.11%	5.11%	6.11%
Year 1 PV (M)	72.82	73.52	74.22
Year 2 PV (M)	96.40	98.26	100.14
Year 3 PV (M)	119.51	122.99	126.54
Year 4 PV (M)	142.17	147.71	153.41
Year 5 PV (M)	164.38	172.42	180.78
PV of Terminal Value (M)	8,171.98	8,572.06	8,987.66
Equity Value (M)	8,767.27	9,186.97	9,622.75
Shares Outstanding (M)	344.64	344.64	344.64
Fair Value	$25.44	$26.66	$27.92
Upside / Downside	-1.40%	3.32%	8.22%

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Zhejiang Tianyu Pharmaceutical Co., Ltd. (300702.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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