DDM Analysis: 603757.SS

Valuation Snapshot

Stable Growth	$196.95 - $232.04	$217.46
Multi-Stage	$139.89 - $153.48	$146.56
Blended Fair Value	$182.01
Current Price	$47.49
Upside	283.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.52%	18.67%	1.45	0.88	0.34	0.96	0.48	0.31	0.32	0.34	0.17	0.16
YoY Growth	-	-	64.83%	160.54%	-64.98%	102.71%	55.56%	-3.62%	-7.74%	103.93%	8.31%	-40.55%
Dividend Yield	-	-	6.25%	3.78%	1.28%	6.46%	2.46%	2.15%	1.77%	1.18%	1.02%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	201.68
(-) Cash Dividends Paid (M)	118.05
(=) Cash Retained (M)	83.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.34	25.21	15.13
Cash Retained (M)	83.63	83.63	83.63
(-) Cash Required (M)	-40.34	-25.21	-15.13
(=) Excess Retained (M)	43.29	58.42	68.50
(/) Shares Outstanding (M)	172.85	172.85	172.85
(=) Excess Retained per Share	0.25	0.34	0.40
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	0.25	0.34	0.40
(=) Adjusted Dividend	0.93	1.02	1.08
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$196.95	$217.46	$232.04
Upside / Downside	314.72%	357.90%	388.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.68	214.79	228.75	243.62	259.45	276.31	284.60
Payout Ratio	58.53%	64.83%	71.12%	77.41%	83.71%	90.00%	92.50%
Projected Dividends (M)	118.05	139.24	162.69	188.59	217.18	248.68	263.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	135.88	137.16	138.45
Year 2 PV (M)	154.92	157.87	160.85
Year 3 PV (M)	175.26	180.29	185.41
Year 4 PV (M)	196.95	204.52	212.31
Year 5 PV (M)	220.07	230.70	241.74
PV of Terminal Value (M)	23,296.99	24,422.24	25,590.56
Equity Value (M)	24,180.06	25,332.79	26,529.33
Shares Outstanding (M)	172.85	172.85	172.85
Fair Value	$139.89	$146.56	$153.48
Upside / Downside	194.57%	208.61%	223.19%

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Zhejiang Dayuan Pumps Industry Co., Ltd (603757.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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