DDM Analysis: 603585.SS

Valuation Snapshot

Stable Growth	$101.84 - $120.04	$112.47
Multi-Stage	$202.69 - $223.03	$212.66
Blended Fair Value	$162.57
Current Price	$18.28
Upside	789.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.70%	22.35%	0.28	0.58	0.34	0.28	0.56	0.56	0.39	0.31	0.00	0.02
YoY Growth	-	-	-50.81%	69.78%	21.64%	-50.00%	-0.20%	44.29%	25.00%	0.00%	-100.00%	-58.25%
Dividend Yield	-	-	1.97%	4.75%	1.88%	1.61%	3.61%	2.84%	1.48%	1.28%	0.00%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.78
(-) Cash Dividends Paid (M)	42.77
(=) Cash Retained (M)	77.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.96	14.97	8.98
Cash Retained (M)	77.02	77.02	77.02
(-) Cash Required (M)	-23.96	-14.97	-8.98
(=) Excess Retained (M)	53.06	62.04	68.03
(/) Shares Outstanding (M)	193.75	193.75	193.75
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	2.96%	3.96%	4.96%
Fair Value	$101.84	$112.47	$120.04
Upside / Downside	457.14%	515.29%	556.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.78	124.52	129.46	134.58	139.91	145.45	149.81
Payout Ratio	35.70%	46.56%	57.42%	68.28%	79.14%	90.00%	92.50%
Projected Dividends (M)	42.77	57.98	74.34	91.89	110.73	130.91	138.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	2.96%	3.96%	4.96%
Year 1 PV (M)	71.06	71.75	72.44
Year 2 PV (M)	111.64	113.82	116.02
Year 3 PV (M)	169.14	174.11	179.19
Year 4 PV (M)	249.76	259.61	269.74
Year 5 PV (M)	361.87	379.79	398.41
PV of Terminal Value (M)	38,307.70	40,204.52	42,175.73
Equity Value (M)	39,271.17	41,203.59	43,211.53
Shares Outstanding (M)	193.75	193.75	193.75
Fair Value	$202.69	$212.66	$223.03
Upside / Downside	1,008.81%	1,063.37%	1,120.07%

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Suli Co., Ltd. (603585.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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