DDM Analysis: 600113.SS

Valuation Snapshot

Stable Growth	$7.24 - $15.76	$10.37
Multi-Stage	$5.40 - $5.89	$5.64
Blended Fair Value	$8.00
Current Price	$54.77
Upside	-85.39%
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	30.38%	29.66%	0.22	0.16	0.27	0.05	0.07	0.06	0.09	0.03	0.04	0.03
YoY Growth	-	-	38.55%	-42.03%	488.35%	-31.48%	16.34%	-38.72%	184.49%	-5.98%	28.44%	69.32%
Dividend Yield	-	-	1.58%	1.96%	3.53%	0.53%	1.11%	0.94%	1.10%	0.31%	0.21%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.40
(-) Cash Dividends Paid (M)	61.05
(=) Cash Retained (M)	85.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.28	18.30	10.98
Cash Retained (M)	85.35	85.35	85.35
(-) Cash Required (M)	-29.28	-18.30	-10.98
(=) Excess Retained (M)	56.07	67.05	74.37
(/) Shares Outstanding (M)	391.95	391.95	391.95
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.24	$10.37	$15.76
Upside / Downside	-86.79%	-81.07%	-71.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.40	155.92	166.05	176.85	188.34	200.59	206.60
Payout Ratio	41.70%	51.36%	61.02%	70.68%	80.34%	90.00%	92.50%
Projected Dividends (M)	61.05	80.08	101.33	125.00	151.32	180.53	191.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	72.21	72.90	73.58
Year 2 PV (M)	82.39	83.96	85.54
Year 3 PV (M)	91.65	94.28	96.96
Year 4 PV (M)	100.04	103.89	107.85
Year 5 PV (M)	107.63	112.82	118.22
PV of Terminal Value (M)	1,661.54	1,741.79	1,825.12
Equity Value (M)	2,115.46	2,209.64	2,307.27
Shares Outstanding (M)	391.95	391.95	391.95
Fair Value	$5.40	$5.64	$5.89
Upside / Downside	-90.15%	-89.71%	-89.25%

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Zhejiang Dongri Limited Company (600113.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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