DDM Analysis: 002236.SZ

Valuation Snapshot

Stable Growth	$78.39 - $238.16	$223.19
Multi-Stage	$32.33 - $35.37	$33.82
Blended Fair Value	$128.51
Current Price	$20.15
Upside	537.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.13%	31.66%	0.58	0.57	0.28	0.27	0.14	0.12	0.21	0.11	0.08	0.04
YoY Growth	-	-	0.84%	105.07%	2.88%	96.87%	11.60%	-41.87%	94.35%	33.63%	125.39%	-1.58%
Dividend Yield	-	-	3.40%	3.00%	1.24%	1.64%	0.56%	0.77%	1.23%	0.43%	0.51%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,896.19
(-) Cash Dividends Paid (M)	1,497.41
(=) Cash Retained (M)	2,398.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	779.24	487.02	292.21
Cash Retained (M)	2,398.78	2,398.78	2,398.78
(-) Cash Required (M)	-779.24	-487.02	-292.21
(=) Excess Retained (M)	1,619.54	1,911.75	2,106.56
(/) Shares Outstanding (M)	3,253.45	3,253.45	3,253.45
(=) Excess Retained per Share	0.50	0.59	0.65
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.50	0.59	0.65
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.39	$223.19	$238.16
Upside / Downside	289.05%	1,007.67%	1,081.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,896.19	4,149.44	4,419.15	4,706.40	5,012.31	5,338.11	5,498.26
Payout Ratio	38.43%	48.75%	59.06%	69.37%	79.69%	90.00%	92.50%
Projected Dividends (M)	1,497.41	2,022.69	2,609.94	3,264.97	3,994.14	4,804.30	5,085.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,876.31	1,894.10	1,911.88
Year 2 PV (M)	2,245.85	2,288.62	2,331.80
Year 3 PV (M)	2,606.18	2,681.00	2,757.23
Year 4 PV (M)	2,957.49	3,071.23	3,188.22
Year 5 PV (M)	3,299.94	3,459.33	3,624.82
PV of Terminal Value (M)	92,189.91	96,642.72	101,265.94
Equity Value (M)	105,175.68	110,036.99	115,079.89
Shares Outstanding (M)	3,253.45	3,253.45	3,253.45
Fair Value	$32.33	$33.82	$35.37
Upside / Downside	60.43%	67.85%	75.54%

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Zhejiang Dahua Technology Co., Ltd. (002236.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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