DDM Analysis: 000681.SZ

Valuation Snapshot

Stable Growth	$1.05 - $1.49	$1.26
Multi-Stage	$1.53 - $1.69	$1.61
Blended Fair Value	$1.44
Current Price	$20.46
Upside	-92.98%
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	-13.49%	0.00%	0.04	0.02	0.04	0.04	0.06	0.08	0.09	0.04	0.01	0.00
YoY Growth	-	-	71.46%	-31.45%	-14.10%	-34.09%	-27.19%	-2.44%	119.74%	342.75%	897.53%	0.00%
Dividend Yield	-	-	0.19%	0.17%	0.21%	0.25%	0.42%	0.55%	0.32%	0.14%	0.05%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.77
(-) Cash Dividends Paid (M)	5.57
(=) Cash Retained (M)	106.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.35	13.97	8.38
Cash Retained (M)	106.20	106.20	106.20
(-) Cash Required (M)	-22.35	-13.97	-8.38
(=) Excess Retained (M)	83.85	92.23	97.82
(/) Shares Outstanding (M)	700.98	700.98	700.98
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.05	$1.26	$1.49
Upside / Downside	-94.88%	-93.82%	-92.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.77	110.65	109.54	108.45	107.36	106.29	109.48
Payout Ratio	4.98%	21.98%	38.99%	55.99%	73.00%	90.00%	92.50%
Projected Dividends (M)	5.57	24.32	42.71	60.72	78.37	95.66	101.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.90	22.13	22.35
Year 2 PV (M)	34.63	35.34	36.06
Year 3 PV (M)	44.34	45.71	47.11
Year 4 PV (M)	51.54	53.67	55.87
Year 5 PV (M)	56.65	59.60	62.67
PV of Terminal Value (M)	865.74	910.82	957.76
Equity Value (M)	1,074.80	1,127.27	1,181.83
Shares Outstanding (M)	700.98	700.98	700.98
Fair Value	$1.53	$1.61	$1.69
Upside / Downside	-92.51%	-92.14%	-91.76%

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Visual China Group Co.,Ltd. (000681.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener