DDM Analysis: 002130.SZ

Valuation Snapshot

Stable Growth	$137.37 - $161.85	$151.68
Multi-Stage	$94.06 - $103.22	$98.56
Blended Fair Value	$125.12
Current Price	$30.51
Upside	310.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.66%	17.00%	0.21	0.04	0.11	0.03	0.11	0.11	0.13	0.11	0.12	0.07
YoY Growth	-	-	421.04%	-62.08%	251.89%	-72.05%	-2.41%	-14.73%	17.24%	-10.01%	78.57%	57.71%
Dividend Yield	-	-	1.04%	0.36%	1.39%	0.48%	1.70%	2.52%	2.25%	2.03%	1.86%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,014.29
(-) Cash Dividends Paid (M)	401.48
(=) Cash Retained (M)	612.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	202.86	126.79	76.07
Cash Retained (M)	612.82	612.82	612.82
(-) Cash Required (M)	-202.86	-126.79	-76.07
(=) Excess Retained (M)	409.96	486.03	536.74
(/) Shares Outstanding (M)	1,246.33	1,246.33	1,246.33
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$137.37	$151.68	$161.85
Upside / Downside	350.26%	397.14%	430.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,014.29	1,080.22	1,150.44	1,225.22	1,304.86	1,389.67	1,431.36
Payout Ratio	39.58%	49.67%	59.75%	69.83%	79.92%	90.00%	92.50%
Projected Dividends (M)	401.48	536.50	687.38	855.60	1,042.79	1,250.70	1,324.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	520.04	524.97	529.90
Year 2 PV (M)	645.84	658.15	670.56
Year 3 PV (M)	779.24	801.61	824.40
Year 4 PV (M)	920.58	955.99	992.40
Year 5 PV (M)	1,070.25	1,121.94	1,175.62
PV of Terminal Value (M)	113,297.93	118,770.27	124,452.04
Equity Value (M)	117,233.89	122,832.92	128,644.92
Shares Outstanding (M)	1,246.33	1,246.33	1,246.33
Fair Value	$94.06	$98.56	$103.22
Upside / Downside	208.30%	223.03%	238.31%

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ShenZhen Woer Heat-Shrinkable Material Co.,Ltd. (002130.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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