DDM Analysis: 605198.SS

Valuation Snapshot

Stable Growth	$38.77 - $204.53	$77.35
Multi-Stage	$21.62 - $23.66	$22.62
Blended Fair Value	$49.98
Current Price	$44.41
Upside	12.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.49%	14.27%	0.23	0.11	0.06	0.06	0.00	0.11	0.11	0.05	0.06	0.06
YoY Growth	-	-	107.22%	92.90%	2.15%	0.00%	-100.00%	0.00%	94.57%	-3.41%	-2.95%	-2.95%
Dividend Yield	-	-	0.62%	0.31%	0.29%	0.34%	0.00%	0.97%	0.97%	0.50%	0.52%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	346.53
(-) Cash Dividends Paid (M)	76.78
(=) Cash Retained (M)	269.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.31	43.32	25.99
Cash Retained (M)	269.75	269.75	269.75
(-) Cash Required (M)	-69.31	-43.32	-25.99
(=) Excess Retained (M)	200.44	226.43	243.76
(/) Shares Outstanding (M)	336.94	336.94	336.94
(=) Excess Retained per Share	0.59	0.67	0.72
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.59	0.67	0.72
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.77	$77.35	$204.53
Upside / Downside	-12.71%	74.16%	360.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	346.53	369.06	393.04	418.59	445.80	474.78	489.02
Payout Ratio	22.16%	35.73%	49.29%	62.86%	76.43%	90.00%	92.50%
Projected Dividends (M)	76.78	131.85	193.75	263.14	340.73	427.30	452.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.23	122.38	123.52
Year 2 PV (M)	163.79	166.91	170.06
Year 3 PV (M)	204.54	210.41	216.39
Year 4 PV (M)	243.52	252.88	262.51
Year 5 PV (M)	280.79	294.35	308.43
PV of Terminal Value (M)	6,272.18	6,575.13	6,889.67
Equity Value (M)	7,286.04	7,622.06	7,970.60
Shares Outstanding (M)	336.94	336.94	336.94
Fair Value	$21.62	$22.62	$23.66
Upside / Downside	-51.31%	-49.06%	-46.73%

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Yantai North Andre Juice Co.,Ltd. (605198.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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