DDM Analysis: 002891.SZ

Valuation Snapshot

Stable Growth	$101.02 - $289.44	$271.25
Multi-Stage	$40.16 - $43.95	$42.02
Blended Fair Value	$156.63
Current Price	$53.21
Upside	194.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.20%	21.81%	0.49	0.09	0.10	0.09	0.09	0.08	0.06	0.11	0.06	0.02
YoY Growth	-	-	431.06%	-8.19%	7.00%	1.16%	10.19%	44.15%	-45.12%	71.95%	248.07%	-73.88%
Dividend Yield	-	-	1.13%	0.38%	0.42%	0.45%	0.31%	0.58%	0.40%	0.83%	0.71%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	445.15
(-) Cash Dividends Paid (M)	181.26
(=) Cash Retained (M)	263.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.03	55.64	33.39
Cash Retained (M)	263.89	263.89	263.89
(-) Cash Required (M)	-89.03	-55.64	-33.39
(=) Excess Retained (M)	174.86	208.25	230.50
(/) Shares Outstanding (M)	305.86	305.86	305.86
(=) Excess Retained per Share	0.57	0.68	0.75
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.57	0.68	0.75
(=) Adjusted Dividend	1.16	1.27	1.35
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$101.02	$271.25	$289.44
Upside / Downside	89.85%	409.77%	443.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	445.15	474.08	504.90	537.72	572.67	609.89	628.19
Payout Ratio	40.72%	50.57%	60.43%	70.29%	80.14%	90.00%	92.50%
Projected Dividends (M)	181.26	239.77	305.12	377.95	458.96	548.90	581.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	222.57	224.68	226.79
Year 2 PV (M)	262.91	267.92	272.98
Year 3 PV (M)	302.31	310.99	319.83
Year 4 PV (M)	340.77	353.88	367.36
Year 5 PV (M)	378.32	396.60	415.57
PV of Terminal Value (M)	10,777.77	11,298.34	11,838.83
Equity Value (M)	12,284.66	12,852.41	13,441.36
Shares Outstanding (M)	305.86	305.86	305.86
Fair Value	$40.16	$42.02	$43.95
Upside / Downside	-24.52%	-21.03%	-17.41%

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Yantai China Pet Foods Co., Ltd. (002891.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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