DDM Analysis: 300228.SZ

Valuation Snapshot

Stable Growth	$74.05 - $87.28	$81.78
Multi-Stage	$48.12 - $52.91	$50.47
Blended Fair Value	$66.13
Current Price	$7.42
Upside	791.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	69.63%	-8.55%	0.06	0.04	0.01	0.07	0.07	0.00	0.11	0.08	0.08	0.12
YoY Growth	-	-	45.68%	294.88%	-85.17%	-7.57%	1,680.46%	-96.23%	40.11%	-1.24%	-37.84%	-10.21%
Dividend Yield	-	-	0.74%	0.47%	0.17%	0.85%	1.11%	0.11%	1.46%	0.78%	0.58%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	265.88
(-) Cash Dividends Paid (M)	70.58
(=) Cash Retained (M)	195.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.18	33.24	19.94
Cash Retained (M)	195.30	195.30	195.30
(-) Cash Required (M)	-53.18	-33.24	-19.94
(=) Excess Retained (M)	142.12	162.07	175.36
(/) Shares Outstanding (M)	592.77	592.77	592.77
(=) Excess Retained per Share	0.24	0.27	0.30
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.24	0.27	0.30
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	1.42%	1.42%	1.42%
Growth Rate	3.19%	4.19%	5.19%
Fair Value	$74.05	$81.78	$87.28
Upside / Downside	898.03%	1,002.18%	1,076.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	265.88	277.02	288.61	300.70	313.29	326.41	336.20
Payout Ratio	26.55%	39.24%	51.93%	64.62%	77.31%	90.00%	92.50%
Projected Dividends (M)	70.58	108.69	149.87	194.31	242.20	293.77	310.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.42%	1.42%	1.42%
Growth Rate	3.19%	4.19%	5.19%
Year 1 PV (M)	106.14	107.17	108.19
Year 2 PV (M)	142.91	145.69	148.50
Year 3 PV (M)	180.92	186.23	191.65
Year 4 PV (M)	220.22	228.88	237.79
Year 5 PV (M)	260.82	273.71	287.10
PV of Terminal Value (M)	27,611.05	28,975.15	30,392.64
Equity Value (M)	28,522.06	29,916.83	31,365.87
Shares Outstanding (M)	592.77	592.77	592.77
Fair Value	$48.12	$50.47	$52.91
Upside / Downside	548.47%	580.18%	613.13%

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Zhangjiagang Furui Special Equipment Co., Ltd. (300228.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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