DDM Analysis: 002891.SZ

Valuation Snapshot

Stable Growth	$85.29 - $289.44	$271.25
Multi-Stage	$37.78 - $41.32	$39.52
Blended Fair Value	$155.38
Current Price	$53.21
Upside	192.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.20%	21.81%	0.49	0.09	0.10	0.09	0.09	0.08	0.06	0.11	0.06	0.02
YoY Growth	-	-	431.06%	-8.19%	7.00%	1.16%	10.19%	44.15%	-45.12%	71.95%	248.07%	-73.88%
Dividend Yield	-	-	1.13%	0.38%	0.42%	0.45%	0.31%	0.58%	0.40%	0.83%	0.71%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	445.15
(-) Cash Dividends Paid (M)	181.26
(=) Cash Retained (M)	263.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.03	55.64	33.39
Cash Retained (M)	263.89	263.89	263.89
(-) Cash Required (M)	-89.03	-55.64	-33.39
(=) Excess Retained (M)	174.86	208.25	230.50
(/) Shares Outstanding (M)	305.86	305.86	305.86
(=) Excess Retained per Share	0.57	0.68	0.75
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.57	0.68	0.75
(=) Adjusted Dividend	1.16	1.27	1.35
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.29	$271.25	$289.44
Upside / Downside	60.28%	409.77%	443.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	445.15	474.08	504.90	537.72	572.67	609.89	628.19
Payout Ratio	40.72%	50.57%	60.43%	70.29%	80.14%	90.00%	92.50%
Projected Dividends (M)	181.26	239.77	305.12	377.95	458.96	548.90	581.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	222.10	224.21	226.31
Year 2 PV (M)	261.81	266.80	271.83
Year 3 PV (M)	300.41	309.04	317.82
Year 4 PV (M)	337.92	350.92	364.29
Year 5 PV (M)	374.37	392.46	411.23
PV of Terminal Value (M)	10,058.09	10,543.90	11,048.30
Equity Value (M)	11,554.71	12,087.31	12,639.78
Shares Outstanding (M)	305.86	305.86	305.86
Fair Value	$37.78	$39.52	$41.32
Upside / Downside	-29.00%	-25.73%	-22.34%

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Yantai China Pet Foods Co., Ltd. (002891.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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