DDM Analysis: 300817.SZ

Valuation Snapshot

Stable Growth	$49.72 - $58.58	$54.90
Multi-Stage	$14.57 - $15.96	$15.25
Blended Fair Value	$35.07
Current Price	$20.68
Upside	69.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.26%	15.33%	0.21	0.18	0.16	0.13	0.10	0.09	0.08	0.06	0.04	0.05
YoY Growth	-	-	14.03%	15.94%	19.26%	36.11%	3.32%	11.59%	40.57%	49.61%	-13.77%	-7.20%
Dividend Yield	-	-	0.82%	1.74%	1.38%	1.29%	0.95%	0.84%	0.55%	0.39%	0.00%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.30
(-) Cash Dividends Paid (M)	44.42
(=) Cash Retained (M)	19.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.86	8.04	4.82
Cash Retained (M)	19.88	19.88	19.88
(-) Cash Required (M)	-12.86	-8.04	-4.82
(=) Excess Retained (M)	7.02	11.84	15.06
(/) Shares Outstanding (M)	218.29	218.29	218.29
(=) Excess Retained per Share	0.03	0.05	0.07
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.03	0.05	0.07
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	5.14%	5.14%	5.14%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.72	$54.90	$58.58
Upside / Downside	140.42%	165.46%	183.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.30	68.48	72.93	77.67	82.72	88.09	90.74
Payout Ratio	69.08%	73.27%	77.45%	81.63%	85.82%	90.00%	92.50%
Projected Dividends (M)	44.42	50.17	56.48	63.40	70.99	79.28	83.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.14%	5.14%	5.14%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.27	47.72	48.17
Year 2 PV (M)	50.14	51.10	52.06
Year 3 PV (M)	53.03	54.56	56.11
Year 4 PV (M)	55.94	58.09	60.31
Year 5 PV (M)	58.87	61.71	64.67
PV of Terminal Value (M)	2,914.91	3,055.70	3,201.88
Equity Value (M)	3,180.17	3,328.88	3,483.19
Shares Outstanding (M)	218.29	218.29	218.29
Fair Value	$14.57	$15.25	$15.96
Upside / Downside	-29.55%	-26.26%	-22.84%

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Zhejiang Sf Oilless Bearing Co.,Ltd. (300817.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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