DDM Analysis: 603324.SS

Valuation Snapshot

Stable Growth	$8.03 - $18.17	$11.66
Multi-Stage	$7.65 - $8.39	$8.01
Blended Fair Value	$9.84
Current Price	$27.50
Upside	-64.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	39.06%	0.00%	0.28	0.18	0.34	0.26	0.04	0.05	0.05	0.01	0.00	0.00
YoY Growth	-	-	56.40%	-47.63%	27.80%	613.11%	-30.34%	6.21%	252.25%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.03%	0.86%	1.16%	0.86%	0.16%	0.22%	0.21%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.13
(-) Cash Dividends Paid (M)	8.03
(=) Cash Retained (M)	51.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.83	7.39	4.43
Cash Retained (M)	51.10	51.10	51.10
(-) Cash Required (M)	-11.83	-7.39	-4.43
(=) Excess Retained (M)	39.28	43.71	46.67
(/) Shares Outstanding (M)	146.26	146.26	146.26
(=) Excess Retained per Share	0.27	0.30	0.32
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.27	0.30	0.32
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	3.61%	4.61%	5.61%
Fair Value	$8.03	$11.66	$18.17
Upside / Downside	-70.80%	-57.60%	-33.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.13	61.86	64.71	67.70	70.82	74.08	76.31
Payout Ratio	13.58%	28.86%	44.15%	59.43%	74.72%	90.00%	92.50%
Projected Dividends (M)	8.03	17.86	28.57	40.23	52.91	66.68	70.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	3.61%	4.61%	5.61%
Year 1 PV (M)	16.41	16.57	16.72
Year 2 PV (M)	24.12	24.59	25.06
Year 3 PV (M)	31.22	32.13	33.06
Year 4 PV (M)	37.73	39.20	40.72
Year 5 PV (M)	43.68	45.83	48.06
PV of Terminal Value (M)	966.26	1,013.80	1,063.19
Equity Value (M)	1,119.41	1,172.12	1,226.82
Shares Outstanding (M)	146.26	146.26	146.26
Fair Value	$7.65	$8.01	$8.39
Upside / Downside	-72.17%	-70.86%	-69.50%

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Shanghai Sheng Jian Environment Technology Co., Ltd. (603324.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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