DDM Analysis: 002434.SZ

Valuation Snapshot

Stable Growth	$19.72 - $48.22	$45.19
Multi-Stage	$7.11 - $7.78	$7.44
Blended Fair Value	$26.31
Current Price	$9.92
Upside	165.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.23%	20.63%	0.35	0.04	0.07	0.49	0.14	0.24	0.22	0.15	0.14	0.10
YoY Growth	-	-	756.66%	-43.19%	-85.43%	249.90%	-40.15%	8.19%	47.35%	8.40%	33.86%	90.00%
Dividend Yield	-	-	4.42%	0.63%	0.76%	6.49%	1.87%	2.91%	2.73%	1.74%	0.79%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	323.70
(-) Cash Dividends Paid (M)	176.04
(=) Cash Retained (M)	147.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.74	40.46	24.28
Cash Retained (M)	147.66	147.66	147.66
(-) Cash Required (M)	-64.74	-40.46	-24.28
(=) Excess Retained (M)	82.92	107.19	123.38
(/) Shares Outstanding (M)	1,335.06	1,335.06	1,335.06
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.72	$45.19	$48.22
Upside / Downside	98.80%	355.53%	386.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	323.70	344.74	367.15	391.01	416.43	443.50	456.80
Payout Ratio	54.38%	61.51%	68.63%	75.75%	82.88%	90.00%	92.50%
Projected Dividends (M)	176.04	212.04	251.98	296.21	345.12	399.15	422.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	197.16	199.03	200.90
Year 2 PV (M)	217.85	222.00	226.19
Year 3 PV (M)	238.12	244.95	251.92
Year 4 PV (M)	257.97	267.89	278.10
Year 5 PV (M)	277.42	290.82	304.73
PV of Terminal Value (M)	8,301.45	8,702.42	9,118.73
Equity Value (M)	9,489.97	9,927.11	10,380.56
Shares Outstanding (M)	1,335.06	1,335.06	1,335.06
Fair Value	$7.11	$7.44	$7.78
Upside / Downside	-28.34%	-25.04%	-21.62%

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Zhejiang Wanliyang Co., Ltd. (002434.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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