DDM Analysis: 002107.SZ

Valuation Snapshot

Stable Growth	$2.53 - $5.38	$3.60
Multi-Stage	$1.82 - $1.99	$1.90
Blended Fair Value	$2.75
Current Price	$6.24
Upside	-55.92%
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	50.54%	30.81%	0.25	0.00	0.26	0.27	0.08	0.03	0.00	0.00	0.06	0.06
YoY Growth	-	-	0.00%	-100.00%	-3.09%	224.05%	156.01%	0.00%	0.00%	-100.00%	2.94%	250.00%
Dividend Yield	-	-	5.67%	0.00%	3.91%	3.55%	1.06%	0.49%	0.00%	0.00%	0.63%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	77.49
(-) Cash Dividends Paid (M)	3.92
(=) Cash Retained (M)	73.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.50	9.69	5.81
Cash Retained (M)	73.57	73.57	73.57
(-) Cash Required (M)	-15.50	-9.69	-5.81
(=) Excess Retained (M)	58.07	63.88	67.76
(/) Shares Outstanding (M)	574.35	574.35	574.35
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.11	0.12	0.12
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.53	$3.60	$5.38
Upside / Downside	-59.38%	-42.30%	-13.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	77.49	82.53	87.89	93.60	99.69	106.17	109.35
Payout Ratio	5.06%	22.05%	39.04%	56.02%	73.01%	90.00%	92.50%
Projected Dividends (M)	3.92	18.19	34.31	52.44	72.78	95.55	101.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.39	16.54	16.70
Year 2 PV (M)	27.83	28.36	28.89
Year 3 PV (M)	38.31	39.41	40.53
Year 4 PV (M)	47.88	49.73	51.62
Year 5 PV (M)	56.62	59.35	62.19
PV of Terminal Value (M)	857.19	898.60	941.58
Equity Value (M)	1,044.22	1,091.98	1,141.51
Shares Outstanding (M)	574.35	574.35	574.35
Fair Value	$1.82	$1.90	$1.99
Upside / Downside	-70.86%	-69.53%	-68.15%

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Shandong Wohua Pharmaceutical Co., Ltd. (002107.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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