DDM Analysis: 002507.SZ

Valuation Snapshot

Stable Growth	$72.70 - $138.73	$130.01
Multi-Stage	$21.99 - $24.05	$23.00
Blended Fair Value	$76.51
Current Price	$12.81
Upside	497.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.02%	27.29%	0.30	0.29	0.27	0.23	0.21	0.18	0.10	0.05	0.06	0.02
YoY Growth	-	-	2.63%	8.57%	16.67%	12.45%	15.38%	73.33%	125.00%	-20.00%	226.45%	-35.00%
Dividend Yield	-	-	2.24%	2.17%	1.39%	0.93%	0.64%	0.74%	0.42%	0.31%	0.71%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	801.55
(-) Cash Dividends Paid (M)	484.65
(=) Cash Retained (M)	316.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	160.31	100.19	60.12
Cash Retained (M)	316.90	316.90	316.90
(-) Cash Required (M)	-160.31	-100.19	-60.12
(=) Excess Retained (M)	156.59	216.71	256.78
(/) Shares Outstanding (M)	1,149.06	1,149.06	1,149.06
(=) Excess Retained per Share	0.14	0.19	0.22
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.14	0.19	0.22
(=) Adjusted Dividend	0.56	0.61	0.65
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.70	$130.01	$138.73
Upside / Downside	467.53%	914.91%	982.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	801.55	853.65	909.13	968.23	1,031.16	1,098.19	1,131.13
Payout Ratio	60.46%	66.37%	72.28%	78.19%	84.09%	90.00%	92.50%
Projected Dividends (M)	484.65	566.57	657.11	757.01	867.13	988.37	1,046.30

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)	527.94	532.95	537.95
Year 2 PV (M)	570.55	581.42	592.39
Year 3 PV (M)	612.48	630.06	647.98
Year 4 PV (M)	653.74	678.88	704.74
Year 5 PV (M)	694.33	727.87	762.69
PV of Terminal Value (M)	22,207.38	23,280.01	24,393.68
Equity Value (M)	25,266.42	26,431.18	27,639.43
Shares Outstanding (M)	1,149.06	1,149.06	1,149.06
Fair Value	$21.99	$23.00	$24.05
Upside / Downside	71.65%	79.57%	87.78%

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Chongqing Fuling Zhacai Group Co., Ltd. (002507.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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