DDM Analysis: 300913.SZ

Valuation Snapshot

Stable Growth	$10.07 - $18.08	$13.43
Multi-Stage	$9.08 - $9.93	$9.50
Blended Fair Value	$11.46
Current Price	$56.20
Upside	-79.61%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.34%	0.00%	0.11	0.07	0.06	0.05	0.02	0.07	0.10	0.53	0.01	0.00
YoY Growth	-	-	53.27%	26.92%	4.43%	134.93%	-67.25%	-31.14%	-80.93%	4,160.21%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.22%	0.35%	0.53%	0.21%	0.42%	0.60%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	201.38
(-) Cash Dividends Paid (M)	31.15
(=) Cash Retained (M)	170.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.28	25.17	15.10
Cash Retained (M)	170.23	170.23	170.23
(-) Cash Required (M)	-40.28	-25.17	-15.10
(=) Excess Retained (M)	129.96	145.06	155.13
(/) Shares Outstanding (M)	286.16	286.16	286.16
(=) Excess Retained per Share	0.45	0.51	0.54
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.45	0.51	0.54
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	4.15%	5.15%	6.15%
Fair Value	$10.07	$13.43	$18.08
Upside / Downside	-82.08%	-76.11%	-67.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.38	211.75	222.66	234.13	246.20	258.88	266.65
Payout Ratio	15.47%	30.37%	45.28%	60.19%	75.09%	90.00%	92.50%
Projected Dividends (M)	31.15	64.32	100.82	140.92	184.88	232.99	246.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	4.15%	5.15%	6.15%
Year 1 PV (M)	57.93	58.48	59.04
Year 2 PV (M)	81.79	83.36	84.96
Year 3 PV (M)	102.95	105.95	109.00
Year 4 PV (M)	121.65	126.39	131.27
Year 5 PV (M)	138.08	144.84	151.86
PV of Terminal Value (M)	2,095.96	2,198.53	2,305.08
Equity Value (M)	2,598.36	2,717.55	2,841.20
Shares Outstanding (M)	286.16	286.16	286.16
Fair Value	$9.08	$9.50	$9.93
Upside / Downside	-83.84%	-83.10%	-82.33%

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Zhejiang Zhaolong Interconnect Technology Co., Limited (300913.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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