DDM Analysis: 002014.SZ

Valuation Snapshot

Stable Growth	$80.85 - $155.61	$145.82
Multi-Stage	$24.98 - $27.30	$26.12
Blended Fair Value	$85.97
Current Price	$11.20
Upside	667.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.77%	13.53%	0.58	0.43	0.44	0.42	0.34	0.29	0.25	0.28	0.22	0.17
YoY Growth	-	-	32.96%	-1.36%	3.89%	25.12%	16.80%	14.03%	-8.77%	28.44%	24.41%	7.49%
Dividend Yield	-	-	4.91%	4.22%	4.86%	5.53%	3.99%	3.75%	3.72%	4.02%	2.58%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	472.11
(-) Cash Dividends Paid (M)	398.49
(=) Cash Retained (M)	73.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.42	59.01	35.41
Cash Retained (M)	73.62	73.62	73.62
(-) Cash Required (M)	-94.42	-59.01	-35.41
(=) Excess Retained (M)	-20.80	14.61	38.21
(/) Shares Outstanding (M)	603.38	603.38	603.38
(=) Excess Retained per Share	-0.03	0.02	0.06
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	-0.03	0.02	0.06
(=) Adjusted Dividend	0.63	0.68	0.72
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.85	$145.82	$155.61
Upside / Downside	621.87%	1,202.01%	1,289.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	472.11	502.79	535.47	570.28	607.35	646.82	666.23
Payout Ratio	84.41%	85.52%	86.64%	87.76%	88.88%	90.00%	92.50%
Projected Dividends (M)	398.49	430.01	463.95	500.49	539.82	582.14	616.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	400.67	404.46	408.26
Year 2 PV (M)	402.79	410.46	418.20
Year 3 PV (M)	404.85	416.48	428.32
Year 4 PV (M)	406.87	422.51	438.61
Year 5 PV (M)	408.82	428.57	449.07
PV of Terminal Value (M)	13,048.25	13,678.49	14,332.84
Equity Value (M)	15,072.25	15,760.97	16,475.31
Shares Outstanding (M)	603.38	603.38	603.38
Fair Value	$24.98	$26.12	$27.30
Upside / Downside	123.03%	133.22%	143.79%

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Huangshan Novel Co.,Ltd (002014.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener