DDM Analysis: 002714.SZ

Valuation Snapshot

Stable Growth	$421.01 - $802.58	$752.14
Multi-Stage	$125.76 - $137.66	$131.60
Blended Fair Value	$441.87
Current Price	$53.00
Upside	733.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	132.42%	62.05%	1.29	0.73	0.24	1.00	0.22	0.02	0.15	0.15	0.03	0.00
YoY Growth	-	-	76.64%	203.59%	-75.98%	352.76%	1,062.82%	-86.96%	-0.14%	338.73%	1,135.99%	-73.93%
Dividend Yield	-	-	3.32%	1.63%	0.49%	1.76%	0.31%	0.04%	0.50%	1.38%	0.52%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,179.10
(-) Cash Dividends Paid (M)	9,279.11
(=) Cash Retained (M)	12,899.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,435.82	2,772.39	1,663.43
Cash Retained (M)	12,899.99	12,899.99	12,899.99
(-) Cash Required (M)	-4,435.82	-2,772.39	-1,663.43
(=) Excess Retained (M)	8,464.17	10,127.60	11,236.56
(/) Shares Outstanding (M)	5,495.86	5,495.86	5,495.86
(=) Excess Retained per Share	1.54	1.84	2.04
LTM Dividend per Share	1.69	1.69	1.69
(+) Excess Retained per Share	1.54	1.84	2.04
(=) Adjusted Dividend	3.23	3.53	3.73
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$421.01	$752.14	$802.58
Upside / Downside	694.36%	1,319.12%	1,414.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,179.10	23,620.74	25,156.09	26,791.23	28,532.66	30,387.28	31,298.90
Payout Ratio	41.84%	51.47%	61.10%	70.73%	80.37%	90.00%	92.50%
Projected Dividends (M)	9,279.11	12,157.53	15,370.95	18,950.74	22,930.97	27,348.56	28,951.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,328.65	11,436.03	11,543.41
Year 2 PV (M)	13,346.46	13,600.68	13,857.29
Year 3 PV (M)	15,332.91	15,773.06	16,221.56
Year 4 PV (M)	17,288.35	17,953.21	18,637.06
Year 5 PV (M)	19,213.13	20,141.14	21,104.65
PV of Terminal Value (M)	614,661.44	644,349.81	675,174.44
Equity Value (M)	691,170.94	723,253.92	756,538.40
Shares Outstanding (M)	5,495.86	5,495.86	5,495.86
Fair Value	$125.76	$131.60	$137.66
Upside / Downside	137.29%	148.30%	159.73%

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Muyuan Foods Co., Ltd. (002714.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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