DDM Analysis: 002043.SZ

Valuation Snapshot

Stable Growth	$91.05 - $176.05	$164.98
Multi-Stage	$27.41 - $30.00	$28.68
Blended Fair Value	$96.83
Current Price	$10.74
Upside	801.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.73%	46.79%	0.82	0.50	0.44	0.23	0.30	0.28	0.26	0.07	0.07	0.02
YoY Growth	-	-	63.80%	13.42%	89.55%	-21.32%	4.68%	10.71%	271.23%	-3.02%	307.02%	-1.27%
Dividend Yield	-	-	7.73%	5.14%	3.68%	2.28%	2.75%	3.81%	3.41%	0.63%	0.51%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	732.10
(-) Cash Dividends Paid (M)	272.34
(=) Cash Retained (M)	459.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	146.42	91.51	54.91
Cash Retained (M)	459.76	459.76	459.76
(-) Cash Required (M)	-146.42	-91.51	-54.91
(=) Excess Retained (M)	313.34	368.25	404.85
(/) Shares Outstanding (M)	827.03	827.03	827.03
(=) Excess Retained per Share	0.38	0.45	0.49
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.38	0.45	0.49
(=) Adjusted Dividend	0.71	0.77	0.82
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.05	$164.98	$176.05
Upside / Downside	747.74%	1,436.15%	1,539.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	732.10	779.69	830.37	884.34	941.83	1,003.04	1,033.14
Payout Ratio	37.20%	47.76%	58.32%	68.88%	79.44%	90.00%	92.50%
Projected Dividends (M)	272.34	372.38	484.27	609.14	748.19	902.74	955.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	346.95	350.24	353.53
Year 2 PV (M)	420.40	428.40	436.49
Year 3 PV (M)	492.69	506.83	521.24
Year 4 PV (M)	563.83	585.52	607.82
Year 5 PV (M)	633.86	664.47	696.26
PV of Terminal Value (M)	20,207.46	21,183.49	22,196.87
Equity Value (M)	22,665.19	23,718.96	24,812.21
Shares Outstanding (M)	827.03	827.03	827.03
Fair Value	$27.41	$28.68	$30.00
Upside / Downside	155.17%	167.04%	179.34%

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DeHua TB New Decoration Material Co.,Ltd (002043.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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