DDM Analysis: 603081.SS

Valuation Snapshot

Stable Growth	$3.16 - $5.28	$4.09
Multi-Stage	$4.54 - $4.96	$4.74
Blended Fair Value	$4.42
Current Price	$13.22
Upside	-66.59%
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	12.22%	3.36%	0.27	0.40	0.43	0.25	0.13	0.15	0.15	0.14	0.19	0.05
YoY Growth	-	-	-32.25%	-5.17%	70.20%	95.87%	-16.92%	2.88%	7.32%	-28.49%	276.35%	-73.68%
Dividend Yield	-	-	2.44%	3.69%	2.60%	2.21%	1.06%	1.39%	0.94%	0.49%	1.30%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.08
(-) Cash Dividends Paid (M)	96.39
(=) Cash Retained (M)	7.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.82	13.01	7.81
Cash Retained (M)	7.69	7.69	7.69
(-) Cash Required (M)	-20.82	-13.01	-7.81
(=) Excess Retained (M)	-13.13	-5.32	-0.12
(/) Shares Outstanding (M)	396.04	396.04	396.04
(=) Excess Retained per Share	-0.03	-0.01	0.00
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	-0.03	-0.01	0.00
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	1.36%	2.36%	3.36%
Fair Value	$3.16	$4.09	$5.28
Upside / Downside	-76.13%	-69.06%	-60.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.08	106.54	109.05	111.63	114.26	116.96	120.47
Payout Ratio	92.61%	92.09%	91.57%	91.05%	90.52%	90.00%	92.50%
Projected Dividends (M)	96.39	98.11	99.86	101.63	103.44	105.27	111.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	1.36%	2.36%	3.36%
Year 1 PV (M)	89.86	90.75	91.63
Year 2 PV (M)	83.77	85.43	87.11
Year 3 PV (M)	78.09	80.42	82.80
Year 4 PV (M)	72.79	75.70	78.70
Year 5 PV (M)	67.85	71.26	74.81
PV of Terminal Value (M)	1,403.98	1,474.61	1,548.07
Equity Value (M)	1,796.33	1,878.17	1,963.12
Shares Outstanding (M)	396.04	396.04	396.04
Fair Value	$4.54	$4.74	$4.96
Upside / Downside	-65.69%	-64.13%	-62.50%

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Financial Statements

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Ticker

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Sector

Zhejiang Dafeng Industry Co., Ltd (603081.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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