DDM Analysis: 002984.SZ

Valuation Snapshot

Stable Growth	$111.31 - $272.16	$255.05
Multi-Stage	$39.64 - $43.39	$41.48
Blended Fair Value	$148.27
Current Price	$19.24
Upside	670.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.99%	0.00%	0.50	0.01	0.11	0.13	0.06	0.11	0.12	0.11	0.07	0.05
YoY Growth	-	-	4,804.02%	-90.97%	-15.50%	106.33%	-39.77%	-11.29%	10.09%	64.30%	21.94%	0.00%
Dividend Yield	-	-	2.06%	0.04%	0.50%	0.62%	0.27%	0.55%	0.62%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,475.59
(-) Cash Dividends Paid (M)	540.52
(=) Cash Retained (M)	935.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	295.12	184.45	110.67
Cash Retained (M)	935.07	935.07	935.07
(-) Cash Required (M)	-295.12	-184.45	-110.67
(=) Excess Retained (M)	639.95	750.62	824.40
(/) Shares Outstanding (M)	1,078.27	1,078.27	1,078.27
(=) Excess Retained per Share	0.59	0.70	0.76
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.59	0.70	0.76
(=) Adjusted Dividend	1.09	1.20	1.27
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$111.31	$255.05	$272.16
Upside / Downside	478.53%	1,225.62%	1,314.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,475.59	1,571.50	1,673.65	1,782.43	1,898.29	2,021.68	2,082.33
Payout Ratio	36.63%	47.30%	57.98%	68.65%	79.33%	90.00%	92.50%
Projected Dividends (M)	540.52	743.39	970.36	1,223.68	1,505.84	1,819.51	1,926.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	691.22	697.77	704.33
Year 2 PV (M)	838.94	854.92	871.05
Year 3 PV (M)	983.71	1,011.95	1,040.73
Year 4 PV (M)	1,125.59	1,168.87	1,213.40
Year 5 PV (M)	1,264.60	1,325.68	1,389.10
PV of Terminal Value (M)	37,842.24	39,670.03	41,567.78
Equity Value (M)	42,746.30	44,729.23	46,786.38
Shares Outstanding (M)	1,078.27	1,078.27	1,078.27
Fair Value	$39.64	$41.48	$43.39
Upside / Downside	106.05%	115.60%	125.52%

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Financial Statements

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Sector

Qingdao Sentury Tire Co., Ltd. (002984.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener