DDM Analysis: 002236.SZ

Valuation Snapshot

Stable Growth	$20.80 - $41.66	$28.92
Multi-Stage	$15.97 - $17.41	$16.68
Blended Fair Value	$22.80
Current Price	$20.15
Upside	13.15%
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	36.13%	31.66%	0.58	0.57	0.28	0.27	0.14	0.12	0.21	0.11	0.08	0.04
YoY Growth	-	-	0.84%	105.07%	2.88%	96.87%	11.60%	-41.87%	94.35%	33.63%	125.39%	-1.58%
Dividend Yield	-	-	3.40%	3.00%	1.24%	1.64%	0.56%	0.77%	1.23%	0.43%	0.51%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,896.19
(-) Cash Dividends Paid (M)	1,497.41
(=) Cash Retained (M)	2,398.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	779.24	487.02	292.21
Cash Retained (M)	2,398.78	2,398.78	2,398.78
(-) Cash Required (M)	-779.24	-487.02	-292.21
(=) Excess Retained (M)	1,619.54	1,911.75	2,106.56
(/) Shares Outstanding (M)	3,253.45	3,253.45	3,253.45
(=) Excess Retained per Share	0.50	0.59	0.65
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.50	0.59	0.65
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	10.36%	10.36%	10.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.80	$28.92	$41.66
Upside / Downside	3.25%	43.54%	106.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,896.19	4,149.44	4,419.15	4,706.40	5,012.31	5,338.11	5,498.26
Payout Ratio	38.43%	48.75%	59.06%	69.37%	79.69%	90.00%	92.50%
Projected Dividends (M)	1,497.41	2,022.69	2,609.94	3,264.97	3,994.14	4,804.30	5,085.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.36%	10.36%	10.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,815.63	1,832.84	1,850.05
Year 2 PV (M)	2,102.93	2,142.99	2,183.42
Year 3 PV (M)	2,361.42	2,429.21	2,498.28
Year 4 PV (M)	2,593.07	2,692.79	2,795.36
Year 5 PV (M)	2,799.75	2,934.98	3,075.38
PV of Terminal Value (M)	40,278.90	42,224.39	44,244.33
Equity Value (M)	51,951.71	54,257.20	56,646.84
Shares Outstanding (M)	3,253.45	3,253.45	3,253.45
Fair Value	$15.97	$16.68	$17.41
Upside / Downside	-20.75%	-17.24%	-13.59%

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Financial Statements

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Zhejiang Dahua Technology Co., Ltd. (002236.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener