DDM Analysis: 002615.SZ

Valuation Snapshot

Stable Growth	$36.91 - $71.04	$66.57
Multi-Stage	$11.37 - $12.43	$11.89
Blended Fair Value	$39.23
Current Price	$7.92
Upside	395.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.86%	8.21%	0.14	0.24	0.17	0.03	0.12	0.13	0.23	0.16	0.04	0.10
YoY Growth	-	-	-39.64%	41.18%	377.94%	-70.92%	-7.41%	-43.48%	44.02%	346.73%	-65.96%	62.17%
Dividend Yield	-	-	1.81%	3.15%	2.24%	0.65%	3.02%	2.67%	3.33%	2.24%	0.32%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	161.74
(-) Cash Dividends Paid (M)	128.65
(=) Cash Retained (M)	33.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.35	20.22	12.13
Cash Retained (M)	33.08	33.08	33.08
(-) Cash Required (M)	-32.35	-20.22	-12.13
(=) Excess Retained (M)	0.74	12.87	20.95
(/) Shares Outstanding (M)	452.81	452.81	452.81
(=) Excess Retained per Share	0.00	0.03	0.05
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.00	0.03	0.05
(=) Adjusted Dividend	0.29	0.31	0.33
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.91	$66.57	$71.04
Upside / Downside	366.02%	740.54%	796.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	161.74	172.25	183.44	195.37	208.07	221.59	228.24
Payout Ratio	79.55%	81.64%	83.73%	85.82%	87.91%	90.00%	92.50%
Projected Dividends (M)	128.65	140.62	153.59	167.66	182.91	199.43	211.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131.02	132.26	133.50
Year 2 PV (M)	133.34	135.88	138.45
Year 3 PV (M)	135.62	139.52	143.48
Year 4 PV (M)	137.86	143.16	148.62
Year 5 PV (M)	140.06	146.82	153.84
PV of Terminal Value (M)	4,470.13	4,686.04	4,910.21
Equity Value (M)	5,148.04	5,383.69	5,628.11
Shares Outstanding (M)	452.81	452.81	452.81
Fair Value	$11.37	$11.89	$12.43
Upside / Downside	43.55%	50.12%	56.94%

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ZheJiang Haers Vacuum Containers Co.,Ltd. (002615.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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