DDM Analysis: 002590.SZ

Valuation Snapshot

Stable Growth	$70.70 - $83.29	$78.06
Multi-Stage	$58.37 - $64.07	$61.16
Blended Fair Value	$69.61
Current Price	$15.29
Upside	355.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.64%	-6.38%	0.04	0.12	0.12	0.08	0.12	0.04	0.07	0.05	0.07	0.08
YoY Growth	-	-	-70.05%	3.96%	56.78%	-38.33%	176.03%	-37.43%	33.88%	-28.15%	-12.04%	17.61%
Dividend Yield	-	-	0.29%	0.90%	1.26%	0.99%	1.96%	0.65%	0.81%	0.47%	0.41%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	211.68
(-) Cash Dividends Paid (M)	41.47
(=) Cash Retained (M)	170.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.34	26.46	15.88
Cash Retained (M)	170.21	170.21	170.21
(-) Cash Required (M)	-42.34	-26.46	-15.88
(=) Excess Retained (M)	127.87	143.75	154.34
(/) Shares Outstanding (M)	505.44	505.44	505.44
(=) Excess Retained per Share	0.25	0.28	0.31
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.25	0.28	0.31
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	-1.66%	-1.66%	-1.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.70	$78.06	$83.29
Upside / Downside	362.36%	410.50%	444.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	211.68	225.44	240.10	255.70	272.33	290.03	298.73
Payout Ratio	19.59%	33.67%	47.76%	61.84%	75.92%	90.00%	92.50%
Projected Dividends (M)	41.47	75.91	114.66	158.12	206.74	261.02	276.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.66%	-1.66%	-1.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	76.47	77.20	77.92
Year 2 PV (M)	116.35	118.57	120.81
Year 3 PV (M)	161.63	166.27	171.00
Year 4 PV (M)	212.90	221.08	229.51
Year 5 PV (M)	270.77	283.85	297.42
PV of Terminal Value (M)	28,663.78	30,048.25	31,485.70
Equity Value (M)	29,501.90	30,915.22	32,382.37
Shares Outstanding (M)	505.44	505.44	505.44
Fair Value	$58.37	$61.16	$64.07
Upside / Downside	281.74%	300.03%	319.02%

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Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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