DDM Analysis: 002236.SZ

Valuation Snapshot

Stable Growth	$23.26 - $50.79	$33.37
Multi-Stage	$17.27 - $18.84	$18.04
Blended Fair Value	$25.70
Current Price	$20.15
Upside	27.55%
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	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.26	$33.37	$50.79
Upside / Downside	15.46%	65.59%	152.06%

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	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,824.12	1,841.41	1,858.70
Year 2 PV (M)	2,122.65	2,163.08	2,203.89
Year 3 PV (M)	2,394.71	2,463.45	2,533.50
Year 4 PV (M)	2,641.92	2,743.52	2,848.03
Year 5 PV (M)	2,865.84	3,004.26	3,147.97
PV of Terminal Value (M)	44,324.14	46,465.01	48,687.82
Equity Value (M)	56,173.38	58,680.73	61,279.91
Shares Outstanding (M)	3,253.45	3,253.45	3,253.45
Fair Value	$17.27	$18.04	$18.84
Upside / Downside	-14.31%	-10.49%	-6.52%

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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

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