DDM Analysis: 600526.SS

Valuation Snapshot

Stable Growth	$4.53 - $7.98	$6.00
Multi-Stage	$5.40 - $5.91	$5.65
Blended Fair Value	$5.82
Current Price	$5.20
Upside	12.02%
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	-9.99%	-0.99%	0.08	0.11	0.15	0.37	0.09	0.14	0.16	0.14	0.13	0.14
YoY Growth	-	-	-27.40%	-21.50%	-61.18%	308.58%	-34.66%	-9.99%	11.43%	8.20%	-6.77%	51.45%
Dividend Yield	-	-	1.68%	2.43%	2.78%	5.92%	1.24%	2.31%	2.99%	1.80%	1.10%	0.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	285.65
(-) Cash Dividends Paid (M)	137.78
(=) Cash Retained (M)	147.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.13	35.71	21.42
Cash Retained (M)	147.88	147.88	147.88
(-) Cash Required (M)	-57.13	-35.71	-21.42
(=) Excess Retained (M)	90.75	112.17	126.45
(/) Shares Outstanding (M)	852.48	852.48	852.48
(=) Excess Retained per Share	0.11	0.13	0.15
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.11	0.13	0.15
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	2.42%	3.42%	4.42%
Fair Value	$4.53	$6.00	$7.98
Upside / Downside	-12.79%	15.37%	53.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	285.65	295.42	305.52	315.96	326.76	337.93	348.07
Payout Ratio	48.23%	56.59%	64.94%	73.29%	81.65%	90.00%	92.50%
Projected Dividends (M)	137.78	167.17	198.40	231.58	266.79	304.14	321.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	2.42%	3.42%	4.42%
Year 1 PV (M)	152.62	154.11	155.60
Year 2 PV (M)	165.37	168.62	171.89
Year 3 PV (M)	176.23	181.44	186.76
Year 4 PV (M)	185.36	192.70	200.27
Year 5 PV (M)	192.92	202.52	212.50
PV of Terminal Value (M)	3,731.75	3,917.53	4,110.63
Equity Value (M)	4,604.25	4,816.92	5,037.64
Shares Outstanding (M)	852.48	852.48	852.48
Fair Value	$5.40	$5.65	$5.91
Upside / Downside	3.87%	8.66%	13.64%

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Financial Statements

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Zhejiang Feida Environmental Science & Technology Co., Ltd. (600526.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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