DDM Analysis: 002427.SZ

Valuation Snapshot

Stable Growth	$0.12 - $0.16	$0.14
Multi-Stage	$1.20 - $1.34	$1.27
Blended Fair Value	$0.70
Current Price	$6.71
Upside	-89.50%
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	-42.08%	-10.93%	0.02	0.02	0.02	0.03	0.21	0.33	0.25	0.39	0.10	0.05
YoY Growth	-	-	12.97%	-19.47%	-19.15%	-86.42%	-34.73%	29.10%	-34.76%	281.26%	94.35%	-22.78%
Dividend Yield	-	-	0.42%	0.47%	0.35%	0.47%	4.37%	5.72%	1.96%	2.61%	0.56%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.23
(-) Cash Dividends Paid (M)	20.32
(=) Cash Retained (M)	6.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.45	3.40	2.04
Cash Retained (M)	6.91	6.91	6.91
(-) Cash Required (M)	-5.45	-3.40	-2.04
(=) Excess Retained (M)	1.46	3.50	4.87
(/) Shares Outstanding (M)	969.00	969.00	969.00
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.02	0.02	0.03
WACC / Discount Rate	3.50%	3.50%	3.50%
Growth Rate	-12.93%	-11.93%	-10.93%
Fair Value	$0.12	$0.14	$0.16
Upside / Downside	-98.22%	-97.91%	-97.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.23	23.98	21.12	18.60	16.38	14.43	14.86
Payout Ratio	74.63%	77.70%	80.78%	83.85%	86.93%	90.00%	92.50%
Projected Dividends (M)	20.32	18.63	17.06	15.60	14.24	12.98	13.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.50%	3.50%	3.50%
Growth Rate	-12.93%	-11.93%	-10.93%
Year 1 PV (M)	17.80	18.01	18.21
Year 2 PV (M)	15.57	15.93	16.29
Year 3 PV (M)	13.60	14.07	14.55
Year 4 PV (M)	11.86	12.41	12.98
Year 5 PV (M)	10.33	10.94	11.57
PV of Terminal Value (M)	1,093.35	1,157.60	1,224.83
Equity Value (M)	1,162.50	1,228.95	1,298.44
Shares Outstanding (M)	969.00	969.00	969.00
Fair Value	$1.20	$1.27	$1.34
Upside / Downside	-82.12%	-81.10%	-80.03%

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Sector

Zhejiang Unifull Industrial Fibre Co., Ltd. (002427.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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