DDM Analysis: 002126.SZ

Valuation Snapshot

Stable Growth	$32.03 - $167.17	$57.71
Multi-Stage	$19.05 - $20.83	$19.92
Blended Fair Value	$38.82
Current Price	$41.36
Upside	-6.15%
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	7.95%	10.95%	0.19	0.16	0.16	0.14	0.16	0.13	0.14	0.09	0.08	0.07
YoY Growth	-	-	13.16%	0.13%	20.45%	-12.56%	22.85%	-8.36%	62.09%	8.09%	21.19%	-0.97%
Dividend Yield	-	-	0.67%	0.89%	1.15%	1.48%	1.58%	1.55%	1.55%	0.92%	0.88%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	851.08
(-) Cash Dividends Paid (M)	154.84
(=) Cash Retained (M)	696.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	170.22	106.39	63.83
Cash Retained (M)	696.25	696.25	696.25
(-) Cash Required (M)	-170.22	-106.39	-63.83
(=) Excess Retained (M)	526.03	589.86	632.41
(/) Shares Outstanding (M)	868.05	868.05	868.05
(=) Excess Retained per Share	0.61	0.68	0.73
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.61	0.68	0.73
(=) Adjusted Dividend	0.78	0.86	0.91
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.03	$57.71	$167.17
Upside / Downside	-22.55%	39.53%	304.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	851.08	906.40	965.32	1,028.07	1,094.89	1,166.06	1,201.04
Payout Ratio	18.19%	32.55%	46.92%	61.28%	75.64%	90.00%	92.50%
Projected Dividends (M)	154.84	295.07	452.89	629.97	828.16	1,049.45	1,110.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.44	273.01	275.57
Year 2 PV (M)	380.43	387.68	394.99
Year 3 PV (M)	485.01	498.94	513.12
Year 4 PV (M)	584.38	606.85	629.96
Year 5 PV (M)	678.71	711.49	745.53
PV of Terminal Value (M)	14,134.65	14,817.36	15,526.20
Equity Value (M)	16,533.63	17,295.33	18,085.38
Shares Outstanding (M)	868.05	868.05	868.05
Fair Value	$19.05	$19.92	$20.83
Upside / Downside	-53.95%	-51.83%	-49.63%

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Zhejiang Yinlun Machinery Co.,Ltd. (002126.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener