DDM Analysis: 002472.SZ

Valuation Snapshot

Stable Growth	$37.82 - $122.19	$61.20
Multi-Stage	$24.51 - $26.79	$25.63
Blended Fair Value	$43.42
Current Price	$49.81
Upside	-12.84%
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	-0.91%	11.83%	0.19	0.17	0.23	0.14	0.18	0.20	0.17	0.12	0.06	0.07
YoY Growth	-	-	13.03%	-26.58%	62.44%	-19.42%	-12.04%	18.72%	36.39%	94.19%	-14.45%	19.03%
Dividend Yield	-	-	0.54%	0.72%	0.87%	0.68%	2.05%	4.08%	2.29%	1.31%	0.57%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,184.28
(-) Cash Dividends Paid (M)	242.47
(=) Cash Retained (M)	941.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	236.86	148.04	88.82
Cash Retained (M)	941.81	941.81	941.81
(-) Cash Required (M)	-236.86	-148.04	-88.82
(=) Excess Retained (M)	704.95	793.78	852.99
(/) Shares Outstanding (M)	839.54	839.54	839.54
(=) Excess Retained per Share	0.84	0.95	1.02
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.84	0.95	1.02
(=) Adjusted Dividend	1.13	1.23	1.30
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.82	$61.20	$122.19
Upside / Downside	-24.07%	22.87%	145.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,184.28	1,261.26	1,343.24	1,430.55	1,523.54	1,622.57	1,671.25
Payout Ratio	20.47%	34.38%	48.28%	62.19%	76.09%	90.00%	92.50%
Projected Dividends (M)	242.47	433.61	648.58	889.66	1,159.33	1,460.31	1,545.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	395.35	399.10	402.85
Year 2 PV (M)	539.17	549.44	559.80
Year 3 PV (M)	674.32	693.68	713.40
Year 4 PV (M)	801.19	832.00	863.69
Year 5 PV (M)	920.14	964.58	1,010.72
PV of Terminal Value (M)	17,246.38	18,079.38	18,944.27
Equity Value (M)	20,576.54	21,518.17	22,494.74
Shares Outstanding (M)	839.54	839.54	839.54
Fair Value	$24.51	$25.63	$26.79
Upside / Downside	-50.79%	-48.54%	-46.21%

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Zhejiang Shuanghuan Driveline Co., Ltd. (002472.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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