DDM Analysis: 603273.SS

Valuation Snapshot

Stable Growth	$1.10 - $1.60	$1.34
Multi-Stage	$1.89 - $2.08	$1.98
Blended Fair Value	$1.66
Current Price	$18.87
Upside	-91.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	4.23%	0.00%	0.13	0.00	0.00	0.15	0.23	0.11	0.00	0.00	0.00	0.00
YoY Growth	-	-	13,589.35%	-58.65%	-98.43%	-33.89%	109.02%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.79%	0.00%	0.03%	1.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.20
(-) Cash Dividends Paid (M)	15.00
(=) Cash Retained (M)	17.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.44	4.03	2.42
Cash Retained (M)	17.20	17.20	17.20
(-) Cash Required (M)	-6.44	-4.03	-2.42
(=) Excess Retained (M)	10.76	13.18	14.79
(/) Shares Outstanding (M)	214.47	214.47	214.47
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.69%	8.69%	8.69%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.10	$1.34	$1.60
Upside / Downside	-94.16%	-92.89%	-91.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.20	31.88	31.56	31.25	30.94	30.63	31.54
Payout Ratio	46.59%	55.27%	63.95%	72.63%	81.32%	90.00%	92.50%
Projected Dividends (M)	15.00	17.62	20.19	22.70	25.16	27.56	29.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.69%	8.69%	8.69%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	16.05	16.21	16.38
Year 2 PV (M)	16.74	17.09	17.43
Year 3 PV (M)	17.15	17.68	18.22
Year 4 PV (M)	17.31	18.03	18.77
Year 5 PV (M)	17.27	18.17	19.11
PV of Terminal Value (M)	321.42	338.16	355.59
Equity Value (M)	405.94	425.33	445.49
Shares Outstanding (M)	214.47	214.47	214.47
Fair Value	$1.89	$1.98	$2.08
Upside / Downside	-89.97%	-89.49%	-88.99%

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Jiangsu Teeyer Intelligent Equipment Co.,Ltd. (603273.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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