DDM Analysis: 603079.SS

Valuation Snapshot

Stable Growth	$8.62 - $24.06	$13.39
Multi-Stage	$5.72 - $6.25	$5.98
Blended Fair Value	$9.68
Current Price	$16.89
Upside	-42.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.10%	12.43%	0.10	0.08	0.16	0.38	0.11	0.08	0.15	0.38	0.02	0.04
YoY Growth	-	-	27.37%	-48.28%	-58.10%	248.03%	39.96%	-49.19%	-59.29%	1,570.23%	-36.19%	8.90%
Dividend Yield	-	-	0.75%	0.67%	1.23%	2.58%	0.51%	0.28%	0.95%	1.70%	0.20%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.08
(-) Cash Dividends Paid (M)	5.56
(=) Cash Retained (M)	55.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.22	7.64	4.58
Cash Retained (M)	55.53	55.53	55.53
(-) Cash Required (M)	-12.22	-7.64	-4.58
(=) Excess Retained (M)	43.31	47.89	50.94
(/) Shares Outstanding (M)	172.80	172.80	172.80
(=) Excess Retained per Share	0.25	0.28	0.29
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.25	0.28	0.29
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.62	$13.39	$24.06
Upside / Downside	-48.96%	-20.74%	42.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.08	65.05	69.28	73.79	78.58	83.69	86.20
Payout Ratio	9.10%	25.28%	41.46%	57.64%	73.82%	90.00%	92.50%
Projected Dividends (M)	5.56	16.45	28.72	42.53	58.01	75.32	79.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.95	15.09	15.24
Year 2 PV (M)	23.74	24.19	24.65
Year 3 PV (M)	31.96	32.88	33.81
Year 4 PV (M)	39.63	41.15	42.72
Year 5 PV (M)	46.78	49.04	51.39
PV of Terminal Value (M)	830.85	870.98	912.65
Equity Value (M)	987.92	1,033.34	1,080.46
Shares Outstanding (M)	172.80	172.80	172.80
Fair Value	$5.72	$5.98	$6.25
Upside / Downside	-66.15%	-64.59%	-62.98%

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Zhejiang Shengda Bio-Pharm Co., Ltd. (603079.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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