DDM Analysis: 603819.SS

Valuation Snapshot

Stable Growth	$19.51 - $22.99	$21.55
Multi-Stage	$12.59 - $13.84	$13.20
Blended Fair Value	$17.37
Current Price	$11.55
Upside	50.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.89%	21.13%	0.36	0.11	0.17	0.15	0.27	0.27	0.11	0.07	0.05	0.05
YoY Growth	-	-	227.76%	-36.68%	18.42%	-46.75%	1.71%	149.11%	54.86%	41.37%	-0.56%	-5.77%
Dividend Yield	-	-	2.41%	0.83%	1.14%	1.18%	2.84%	3.05%	1.08%	0.81%	0.25%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.33
(-) Cash Dividends Paid (M)	17.86
(=) Cash Retained (M)	8.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.27	3.29	1.97
Cash Retained (M)	8.47	8.47	8.47
(-) Cash Required (M)	-5.27	-3.29	-1.97
(=) Excess Retained (M)	3.20	5.18	6.50
(/) Shares Outstanding (M)	224.28	224.28	224.28
(=) Excess Retained per Share	0.01	0.02	0.03
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.01	0.02	0.03
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	2.27%	2.27%	2.27%
Growth Rate	3.89%	4.89%	5.89%
Fair Value	$19.51	$21.55	$22.99
Upside / Downside	68.92%	86.54%	99.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.33	27.61	28.96	30.38	31.86	33.42	34.42
Payout Ratio	67.83%	72.26%	76.70%	81.13%	85.57%	90.00%	92.50%
Projected Dividends (M)	17.86	19.95	22.21	24.64	27.26	30.08	31.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.27%	2.27%	2.27%
Growth Rate	3.89%	4.89%	5.89%
Year 1 PV (M)	19.32	19.51	19.70
Year 2 PV (M)	20.83	21.24	21.64
Year 3 PV (M)	22.39	23.04	23.70
Year 4 PV (M)	23.98	24.92	25.88
Year 5 PV (M)	25.62	26.88	28.19
PV of Terminal Value (M)	2,712.57	2,845.66	2,983.92
Equity Value (M)	2,824.71	2,961.24	3,103.04
Shares Outstanding (M)	224.28	224.28	224.28
Fair Value	$12.59	$13.20	$13.84
Upside / Downside	9.04%	14.32%	19.79%

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Changzhou Shenli Electrical Machine Incorporated Company (603819.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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