DDM Analysis: 002454.SZ

Valuation Snapshot

Stable Growth	$5.70 - $11.31	$7.89
Multi-Stage	$4.57 - $4.99	$4.78
Blended Fair Value	$6.34
Current Price	$8.65
Upside	-26.76%
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	11.73%	0.00%	0.06	0.08	0.15	0.06	0.04	0.04	0.11	0.04	0.05	0.23
YoY Growth	-	-	-21.56%	-49.15%	159.82%	55.66%	7.96%	-68.68%	151.84%	-17.85%	-76.18%	0.00%
Dividend Yield	-	-	0.90%	1.19%	2.09%	0.96%	0.67%	0.76%	2.08%	0.50%	0.63%	2.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	207.62
(-) Cash Dividends Paid (M)	63.71
(=) Cash Retained (M)	143.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.52	25.95	15.57
Cash Retained (M)	143.91	143.91	143.91
(-) Cash Required (M)	-41.52	-25.95	-15.57
(=) Excess Retained (M)	102.39	117.96	128.34
(/) Shares Outstanding (M)	622.60	622.60	622.60
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.06%	6.06%	7.06%
Fair Value	$5.70	$7.89	$11.31
Upside / Downside	-34.15%	-8.74%	30.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	207.62	220.20	233.54	247.69	262.69	278.61	286.96
Payout Ratio	30.68%	42.55%	54.41%	66.27%	78.14%	90.00%	92.50%
Projected Dividends (M)	63.71	93.69	127.07	164.15	205.26	250.75	265.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.06%	6.06%	7.06%
Year 1 PV (M)	84.38	85.19	85.99
Year 2 PV (M)	103.08	105.06	107.05
Year 3 PV (M)	119.94	123.40	126.92
Year 4 PV (M)	135.09	140.30	145.67
Year 5 PV (M)	148.64	155.85	163.33
PV of Terminal Value (M)	2,254.73	2,364.10	2,477.67
Equity Value (M)	2,845.86	2,973.89	3,106.64
Shares Outstanding (M)	622.60	622.60	622.60
Fair Value	$4.57	$4.78	$4.99
Upside / Downside	-47.16%	-44.78%	-42.31%

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Financial Statements

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Ticker

Industry

Sector

Songz Automobile Air Conditioning Co., Ltd. (002454.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener