DDM Analysis: 601921.SS

Valuation Snapshot

Stable Growth	$4.50 - $6.63	$5.53
Multi-Stage	$8.28 - $9.09	$8.68
Blended Fair Value	$7.10
Current Price	$8.25
Upside	-13.93%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-6.51%	0.00%	0.39	0.35	0.33	0.10	0.19	0.55	0.27	0.44	0.00	0.00
YoY Growth	-	-	11.19%	7.09%	241.54%	-49.75%	-65.05%	104.50%	-39.46%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.00%	3.95%	3.95%	1.16%	1.29%	3.69%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,282.56
(-) Cash Dividends Paid (M)	666.67
(=) Cash Retained (M)	615.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	256.51	160.32	96.19
Cash Retained (M)	615.89	615.89	615.89
(-) Cash Required (M)	-256.51	-160.32	-96.19
(=) Excess Retained (M)	359.38	455.57	519.70
(/) Shares Outstanding (M)	2,220.68	2,220.68	2,220.68
(=) Excess Retained per Share	0.16	0.21	0.23
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.16	0.21	0.23
(=) Adjusted Dividend	0.46	0.51	0.53
WACC / Discount Rate	8.05%	8.05%	8.05%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.50	$5.53	$6.63
Upside / Downside	-45.40%	-33.01%	-19.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,282.56	1,269.73	1,257.03	1,244.46	1,232.02	1,219.70	1,256.29
Payout Ratio	51.98%	59.58%	67.19%	74.79%	82.40%	90.00%	92.50%
Projected Dividends (M)	666.67	756.55	844.57	930.76	1,015.13	1,097.73	1,162.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.05%	8.05%	8.05%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	693.10	700.17	707.24
Year 2 PV (M)	708.84	723.38	738.06
Year 3 PV (M)	715.65	737.78	760.37
Year 4 PV (M)	715.06	744.70	775.24
Year 5 PV (M)	708.39	745.27	783.68
PV of Terminal Value (M)	14,841.47	15,614.30	16,418.99
Equity Value (M)	18,382.50	19,265.60	20,183.59
Shares Outstanding (M)	2,220.68	2,220.68	2,220.68
Fair Value	$8.28	$8.68	$9.09
Upside / Downside	0.34%	5.16%	10.17%

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Zhejiang Publishing & Media Co., Ltd. (601921.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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