DDM Analysis: 601921.SS

Valuation Snapshot

Stable Growth	$5.51 - $8.58	$6.92
Multi-Stage	$13.08 - $14.40	$13.73
Blended Fair Value	$10.33
Current Price	$8.25
Upside	25.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-6.51%	0.00%	0.39	0.35	0.33	0.10	0.19	0.55	0.27	0.44	0.00	0.00
YoY Growth	-	-	11.19%	7.09%	241.54%	-49.75%	-65.05%	104.50%	-39.46%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.00%	3.95%	3.95%	1.16%	1.29%	3.69%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,282.56
(-) Cash Dividends Paid (M)	666.67
(=) Cash Retained (M)	615.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	256.51	160.32	96.19
Cash Retained (M)	615.89	615.89	615.89
(-) Cash Required (M)	-256.51	-160.32	-96.19
(=) Excess Retained (M)	359.38	455.57	519.70
(/) Shares Outstanding (M)	2,220.68	2,220.68	2,220.68
(=) Excess Retained per Share	0.16	0.21	0.23
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.16	0.21	0.23
(=) Adjusted Dividend	0.46	0.51	0.53
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.51	$6.92	$8.58
Upside / Downside	-33.27%	-16.07%	4.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,282.56	1,269.73	1,257.03	1,244.46	1,232.02	1,219.70	1,256.29
Payout Ratio	51.98%	59.58%	67.19%	74.79%	82.40%	90.00%	92.50%
Projected Dividends (M)	666.67	756.55	844.57	930.76	1,015.13	1,097.73	1,162.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	705.02	712.21	719.41
Year 2 PV (M)	733.44	748.48	763.68
Year 3 PV (M)	753.23	776.52	800.29
Year 4 PV (M)	765.55	797.28	829.99
Year 5 PV (M)	771.46	811.63	853.45
PV of Terminal Value (M)	25,321.31	26,639.85	28,012.76
Equity Value (M)	29,050.01	30,485.98	31,979.58
Shares Outstanding (M)	2,220.68	2,220.68	2,220.68
Fair Value	$13.08	$13.73	$14.40
Upside / Downside	58.56%	66.40%	74.55%

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Zhejiang Publishing & Media Co., Ltd. (601921.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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