DDM Analysis: 002346.SZ

Valuation Snapshot

Stable Growth	$225.34 - $265.49	$248.81
Multi-Stage	$155.01 - $170.13	$162.43
Blended Fair Value	$205.62
Current Price	$18.24
Upside	1,027.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.97%	19.57%	0.25	0.20	0.20	0.21	0.21	0.21	0.21	0.10	0.11	0.01
YoY Growth	-	-	23.10%	-0.81%	-0.49%	0.00%	0.00%	0.00%	100.00%	-8.55%	1,339.60%	-81.33%
Dividend Yield	-	-	2.15%	2.03%	1.52%	1.51%	1.99%	2.00%	1.29%	0.53%	0.27%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	572.98
(-) Cash Dividends Paid (M)	105.88
(=) Cash Retained (M)	467.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114.60	71.62	42.97
Cash Retained (M)	467.10	467.10	467.10
(-) Cash Required (M)	-114.60	-71.62	-42.97
(=) Excess Retained (M)	352.51	395.48	424.13
(/) Shares Outstanding (M)	429.21	429.21	429.21
(=) Excess Retained per Share	0.82	0.92	0.99
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.82	0.92	0.99
(=) Adjusted Dividend	1.07	1.17	1.23
WACC / Discount Rate	2.02%	2.02%	2.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$225.34	$248.81	$265.49
Upside / Downside	1,135.44%	1,264.07%	1,355.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	572.98	610.23	649.89	692.13	737.12	785.04	808.59
Payout Ratio	18.48%	32.78%	47.09%	61.39%	75.70%	90.00%	92.50%
Projected Dividends (M)	105.88	200.05	306.02	424.91	557.97	706.53	747.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.02%	2.02%	2.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	194.24	196.09	197.93
Year 2 PV (M)	288.51	294.01	299.55
Year 3 PV (M)	388.98	400.15	411.52
Year 4 PV (M)	495.96	515.04	534.66
Year 5 PV (M)	609.79	639.24	669.82
PV of Terminal Value (M)	64,553.04	67,670.98	70,908.24
Equity Value (M)	66,530.53	69,715.50	73,021.73
Shares Outstanding (M)	429.21	429.21	429.21
Fair Value	$155.01	$162.43	$170.13
Upside / Downside	749.82%	790.50%	832.74%

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Shanghai Zhezhong Group Co.,Ltd (002346.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener