DDM Analysis: 002029.SZ

Valuation Snapshot

Stable Growth	$13.68 - $33.50	$20.40
Multi-Stage	$54.12 - $59.74	$56.87
Blended Fair Value	$38.64
Current Price	$8.03
Upside	381.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.48%	1.23%	0.13	0.01	0.07	0.10	0.11	0.11	0.11	0.11	0.11	0.11
YoY Growth	-	-	2,292.54%	-92.50%	-32.68%	-6.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	0.09%	1.19%	1.89%	2.08%	2.14%	1.44%	1.23%	1.07%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	451.78
(-) Cash Dividends Paid (M)	67.56
(=) Cash Retained (M)	384.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.36	56.47	33.88
Cash Retained (M)	384.21	384.21	384.21
(-) Cash Required (M)	-90.36	-56.47	-33.88
(=) Excess Retained (M)	293.86	327.74	350.33
(/) Shares Outstanding (M)	679.13	679.13	679.13
(=) Excess Retained per Share	0.43	0.48	0.52
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.43	0.48	0.52
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	3.09%	3.09%	3.09%
Growth Rate	-0.77%	0.23%	1.23%
Fair Value	$13.68	$20.40	$33.50
Upside / Downside	70.40%	154.10%	317.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	451.78	452.83	453.88	454.93	455.99	457.04	470.75
Payout Ratio	14.96%	29.96%	44.97%	59.98%	74.99%	90.00%	92.50%
Projected Dividends (M)	67.56	135.69	204.12	272.88	341.95	411.34	435.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.09%	3.09%	3.09%
Growth Rate	-0.77%	0.23%	1.23%
Year 1 PV (M)	130.30	131.62	132.93
Year 2 PV (M)	188.25	192.06	195.92
Year 3 PV (M)	241.68	249.06	256.59
Year 4 PV (M)	290.84	302.74	315.00
Year 5 PV (M)	335.98	353.25	371.23
PV of Terminal Value (M)	35,567.34	37,395.96	39,299.03
Equity Value (M)	36,754.39	38,624.69	40,570.70
Shares Outstanding (M)	679.13	679.13	679.13
Fair Value	$54.12	$56.87	$59.74
Upside / Downside	573.97%	608.27%	643.95%

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Fujian Septwolves Industry Co., Ltd. (002029.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener