DDM Analysis: 002029.SZ

Valuation Snapshot

Stable Growth	$12.87 - $29.61	$18.80
Multi-Stage	$53.49 - $59.04	$56.21
Blended Fair Value	$37.51
Current Price	$8.03
Upside	367.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.48%	1.23%	0.13	0.01	0.07	0.10	0.11	0.11	0.11	0.11	0.11	0.11
YoY Growth	-	-	2,292.54%	-92.50%	-32.68%	-6.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	0.09%	1.19%	1.89%	2.08%	2.14%	1.44%	1.23%	1.07%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	451.78
(-) Cash Dividends Paid (M)	67.56
(=) Cash Retained (M)	384.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.36	56.47	33.88
Cash Retained (M)	384.21	384.21	384.21
(-) Cash Required (M)	-90.36	-56.47	-33.88
(=) Excess Retained (M)	293.86	327.74	350.33
(/) Shares Outstanding (M)	679.13	679.13	679.13
(=) Excess Retained per Share	0.43	0.48	0.52
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.43	0.48	0.52
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	3.34%	3.34%	3.34%
Growth Rate	-0.77%	0.23%	1.23%
Fair Value	$12.87	$18.80	$29.61
Upside / Downside	60.27%	134.11%	268.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	451.78	452.83	453.88	454.93	455.99	457.04	470.75
Payout Ratio	14.96%	29.96%	44.97%	59.98%	74.99%	90.00%	92.50%
Projected Dividends (M)	67.56	135.69	204.12	272.88	341.95	411.34	435.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.34%	3.34%	3.34%
Growth Rate	-0.77%	0.23%	1.23%
Year 1 PV (M)	130.00	131.31	132.62
Year 2 PV (M)	187.36	191.16	194.99
Year 3 PV (M)	239.97	247.30	254.77
Year 4 PV (M)	288.10	299.89	312.04
Year 5 PV (M)	332.03	349.10	366.87
PV of Terminal Value (M)	35,149.15	36,956.27	38,836.96
Equity Value (M)	36,326.61	38,175.02	40,098.24
Shares Outstanding (M)	679.13	679.13	679.13
Fair Value	$53.49	$56.21	$59.04
Upside / Downside	566.13%	600.02%	635.29%

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Fujian Septwolves Industry Co., Ltd. (002029.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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