DDM Analysis: 603289.SS

Valuation Snapshot

Stable Growth	$59.45 - $70.04	$65.64
Multi-Stage	$40.59 - $44.54	$42.52
Blended Fair Value	$54.08
Current Price	$10.92
Upside	395.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.46%	10.72%	0.16	0.16	0.20	0.20	0.18	0.18	0.09	0.05	0.03	0.03
YoY Growth	-	-	0.13%	-20.87%	0.56%	10.84%	0.00%	101.21%	97.07%	48.89%	1.06%	-47.45%
Dividend Yield	-	-	1.81%	1.73%	1.84%	1.98%	2.31%	2.34%	0.74%	0.35%	0.35%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.60
(-) Cash Dividends Paid (M)	46.83
(=) Cash Retained (M)	57.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.92	13.07	7.84
Cash Retained (M)	57.76	57.76	57.76
(-) Cash Required (M)	-20.92	-13.07	-7.84
(=) Excess Retained (M)	36.84	44.69	49.92
(/) Shares Outstanding (M)	296.72	296.72	296.72
(=) Excess Retained per Share	0.12	0.15	0.17
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.12	0.15	0.17
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.40%	6.40%	7.40%
Fair Value	$59.45	$65.64	$70.04
Upside / Downside	444.38%	501.06%	541.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.60	111.29	118.41	125.99	134.05	142.63	146.90
Payout Ratio	44.78%	53.82%	62.87%	71.91%	80.96%	90.00%	92.50%
Projected Dividends (M)	46.83	59.90	74.44	90.60	108.52	128.36	135.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.40%	6.40%	7.40%
Year 1 PV (M)	58.06	58.61	59.16
Year 2 PV (M)	69.94	71.27	72.62
Year 3 PV (M)	82.50	84.87	87.29
Year 4 PV (M)	95.79	99.48	103.27
Year 5 PV (M)	109.83	115.14	120.65
PV of Terminal Value (M)	11,626.37	12,188.48	12,772.12
Equity Value (M)	12,042.49	12,617.84	13,215.10
Shares Outstanding (M)	296.72	296.72	296.72
Fair Value	$40.59	$42.52	$44.54
Upside / Downside	271.66%	289.42%	307.85%

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Zhejiang Tederic Machinery Co., Ltd. (603289.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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