DDM Analysis: 300695.SZ

Valuation Snapshot

Stable Growth	$43.41 - $67.03	$54.37
Multi-Stage	$51.81 - $56.75	$54.23
Blended Fair Value	$54.30
Current Price	$103.60
Upside	-47.58%
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	-5.82%	50.98%	0.64	0.00	0.18	0.01	2.58	0.86	1.29	0.00	1.96	1.91
YoY Growth	-	-	98,562.01%	-99.64%	2,102.54%	-99.68%	200.00%	-33.33%	0.00%	-100.00%	2.50%	18,352.18%
Dividend Yield	-	-	1.32%	0.00%	0.55%	0.02%	6.43%	2.27%	2.81%	0.00%	3.15%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	350.75
(-) Cash Dividends Paid (M)	64.82
(=) Cash Retained (M)	285.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.15	43.84	26.31
Cash Retained (M)	285.93	285.93	285.93
(-) Cash Required (M)	-70.15	-43.84	-26.31
(=) Excess Retained (M)	215.78	242.08	259.62
(/) Shares Outstanding (M)	77.60	77.60	77.60
(=) Excess Retained per Share	2.78	3.12	3.35
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	2.78	3.12	3.35
(=) Adjusted Dividend	3.62	3.96	4.18
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	1.54%	2.54%	3.54%
Fair Value	$43.41	$54.37	$67.03
Upside / Downside	-58.10%	-47.52%	-35.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	350.75	359.66	368.80	378.17	387.78	397.64	409.57
Payout Ratio	18.48%	32.79%	47.09%	61.39%	75.70%	90.00%	92.50%
Projected Dividends (M)	64.82	117.92	173.66	232.17	293.54	357.87	378.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	1.54%	2.54%	3.54%
Year 1 PV (M)	106.15	107.20	108.24
Year 2 PV (M)	140.74	143.52	146.34
Year 3 PV (M)	169.38	174.43	179.59
Year 4 PV (M)	192.78	200.49	208.43
Year 5 PV (M)	211.59	222.21	233.26
PV of Terminal Value (M)	3,199.81	3,360.51	3,527.60
Equity Value (M)	4,020.45	4,208.36	4,403.45
Shares Outstanding (M)	77.60	77.60	77.60
Fair Value	$51.81	$54.23	$56.75
Upside / Downside	-49.99%	-47.65%	-45.23%

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Zhejiang Zhaofeng Mechanical and Electronic Co.,Ltd. (300695.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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