DDM Analysis: 603017.SS

Valuation Snapshot

Stable Growth	$0.59 - $0.78	$0.69
Multi-Stage	$1.29 - $1.42	$1.35
Blended Fair Value	$1.02
Current Price	$10.30
Upside	-90.08%
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	-15.37%	-3.67%	0.13	0.34	0.29	0.67	0.44	0.30	0.31	0.14	0.18	0.14
YoY Growth	-	-	-61.56%	18.10%	-56.66%	50.25%	46.79%	-1.24%	123.80%	-22.73%	22.42%	-24.19%
Dividend Yield	-	-	1.58%	4.05%	2.67%	6.44%	4.40%	2.81%	1.95%	1.03%	0.88%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.72
(-) Cash Dividends Paid (M)	32.21
(=) Cash Retained (M)	8.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.14	5.09	3.05
Cash Retained (M)	8.51	8.51	8.51
(-) Cash Required (M)	-8.14	-5.09	-3.05
(=) Excess Retained (M)	0.37	3.42	5.46
(/) Shares Outstanding (M)	271.61	271.61	271.61
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	-9.23%	-8.23%	-7.23%
Fair Value	$0.59	$0.69	$0.78
Upside / Downside	-94.27%	-93.30%	-92.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.72	37.37	34.29	31.47	28.88	26.50	27.30
Payout Ratio	79.10%	81.28%	83.46%	85.64%	87.82%	90.00%	92.50%
Projected Dividends (M)	32.21	30.37	28.62	26.95	25.36	23.85	25.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	-9.23%	-8.23%	-7.23%
Year 1 PV (M)	27.51	27.81	28.11
Year 2 PV (M)	23.48	24.00	24.52
Year 3 PV (M)	20.02	20.69	21.37
Year 4 PV (M)	17.07	17.83	18.62
Year 5 PV (M)	14.54	15.35	16.21
PV of Terminal Value (M)	247.91	261.88	276.46
Equity Value (M)	350.52	367.56	385.30
Shares Outstanding (M)	271.61	271.61	271.61
Fair Value	$1.29	$1.35	$1.42
Upside / Downside	-87.47%	-86.86%	-86.23%

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ARTS Group Co., Ltd (603017.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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