DDM Analysis: 002675.SZ

Valuation Snapshot

Stable Growth	$1.70 - $2.57	$2.11
Multi-Stage	$4.30 - $4.73	$4.51
Blended Fair Value	$3.31
Current Price	$15.20
Upside	-78.21%
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	-2.50%	23.99%	0.26	0.31	0.30	0.37	0.42	0.30	0.16	0.10	0.06	0.04
YoY Growth	-	-	-15.90%	2.82%	-16.94%	-12.98%	41.00%	85.61%	57.40%	67.23%	44.77%	37.76%
Dividend Yield	-	-	2.00%	2.26%	1.87%	2.85%	2.21%	2.21%	1.26%	0.89%	0.43%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.07
(-) Cash Dividends Paid (M)	132.67
(=) Cash Retained (M)	33.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.21	20.76	12.46
Cash Retained (M)	33.40	33.40	33.40
(-) Cash Required (M)	-33.21	-20.76	-12.46
(=) Excess Retained (M)	0.19	12.65	20.95
(/) Shares Outstanding (M)	824.54	824.54	824.54
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.84%	-1.84%	-0.84%
Fair Value	$1.70	$2.11	$2.57
Upside / Downside	-88.80%	-86.11%	-83.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.07	163.02	160.01	157.07	154.17	151.33	155.87
Payout Ratio	79.89%	81.91%	83.93%	85.95%	87.98%	90.00%	92.50%
Projected Dividends (M)	132.67	133.52	134.30	135.01	135.64	136.20	144.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.84%	-1.84%	-0.84%
Year 1 PV (M)	124.27	125.55	126.82
Year 2 PV (M)	116.33	118.73	121.16
Year 3 PV (M)	108.83	112.22	115.69
Year 4 PV (M)	101.76	106.01	110.40
Year 5 PV (M)	95.10	100.09	105.30
PV of Terminal Value (M)	3,001.29	3,158.96	3,323.18
Equity Value (M)	3,547.57	3,721.57	3,902.55
Shares Outstanding (M)	824.54	824.54	824.54
Fair Value	$4.30	$4.51	$4.73
Upside / Downside	-71.69%	-70.31%	-68.86%

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Yantai Dongcheng Pharmaceutical Group Co.,Ltd. (002675.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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