DDM Analysis: 603566.SS

Valuation Snapshot

Stable Growth	$10.09 - $27.02	$15.47
Multi-Stage	$7.45 - $8.11	$7.77
Blended Fair Value	$11.62
Current Price	$13.74
Upside	-15.41%
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	7.18%	8.67%	0.41	0.67	0.19	0.47	0.19	0.29	0.19	0.19	0.14	0.14
YoY Growth	-	-	-38.74%	253.50%	-59.54%	148.99%	-35.16%	50.68%	0.63%	33.89%	0.00%	-20.00%
Dividend Yield	-	-	3.42%	3.67%	0.67%	1.69%	0.92%	1.59%	1.30%	0.95%	0.54%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	143.67
(-) Cash Dividends Paid (M)	136.77
(=) Cash Retained (M)	6.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.73	17.96	10.78
Cash Retained (M)	6.90	6.90	6.90
(-) Cash Required (M)	-28.73	-17.96	-10.78
(=) Excess Retained (M)	-21.83	-11.06	-3.87
(/) Shares Outstanding (M)	336.73	336.73	336.73
(=) Excess Retained per Share	-0.06	-0.03	-0.01
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	-0.06	-0.03	-0.01
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.09	$15.47	$27.02
Upside / Downside	-26.59%	12.59%	96.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	143.67	153.01	162.95	173.55	184.83	196.84	202.74
Payout Ratio	95.20%	94.16%	93.12%	92.08%	91.04%	90.00%	92.50%
Projected Dividends (M)	136.77	144.07	151.74	159.80	168.26	177.16	187.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	130.85	132.09	133.33
Year 2 PV (M)	125.17	127.55	129.96
Year 3 PV (M)	119.72	123.16	126.66
Year 4 PV (M)	114.49	118.90	123.43
Year 5 PV (M)	109.48	114.77	120.26
PV of Terminal Value (M)	1,909.32	2,001.54	2,097.29
Equity Value (M)	2,509.02	2,618.00	2,730.91
Shares Outstanding (M)	336.73	336.73	336.73
Fair Value	$7.45	$7.77	$8.11
Upside / Downside	-45.77%	-43.41%	-40.97%

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Pulike Biological Engineering, Inc. (603566.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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