DDM Analysis: 603210.SS

Valuation Snapshot

Stable Growth	$5.72 - $8.44	$7.03
Multi-Stage	$10.02 - $11.03	$10.52
Blended Fair Value	$8.77
Current Price	$20.80
Upside	-57.83%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	202.05
(-) Cash Dividends Paid (M)	10.12
(=) Cash Retained (M)	191.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.41	25.26	15.15
Cash Retained (M)	191.93	191.93	191.93
(-) Cash Required (M)	-40.41	-25.26	-15.15
(=) Excess Retained (M)	151.52	166.68	176.78
(/) Shares Outstanding (M)	276.84	276.84	276.84
(=) Excess Retained per Share	0.55	0.60	0.64
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.55	0.60	0.64
(=) Adjusted Dividend	0.58	0.64	0.68
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.72	$7.03	$8.44
Upside / Downside	-72.48%	-66.21%	-59.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	202.05	200.03	198.03	196.05	194.09	192.14	197.91
Payout Ratio	5.01%	22.01%	39.00%	56.00%	73.00%	90.00%	92.50%
Projected Dividends (M)	10.12	44.02	77.24	109.79	141.69	172.93	183.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	40.35	40.76	41.17
Year 2 PV (M)	64.89	66.23	67.57
Year 3 PV (M)	84.55	87.17	89.84
Year 4 PV (M)	100.02	104.16	108.44
Year 5 PV (M)	111.90	117.72	123.79
PV of Terminal Value (M)	2,371.61	2,495.10	2,623.69
Equity Value (M)	2,773.32	2,911.14	3,054.49
Shares Outstanding (M)	276.84	276.84	276.84
Fair Value	$10.02	$10.52	$11.03
Upside / Downside	-51.84%	-49.44%	-46.96%

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Zhejiang Tion Vanly Tech Co (603210.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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