DDM Analysis: 003011.SZ

Valuation Snapshot

Stable Growth	$12.58 - $19.45	$15.77
Multi-Stage	$28.08 - $30.94	$29.48
Blended Fair Value	$22.62
Current Price	$20.64
Upside	9.61%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	29.83%	0.00%	0.68	0.71	0.48	0.33	0.18	0.19	0.06	0.05	0.05	0.00
YoY Growth	-	-	-3.09%	47.46%	45.55%	79.59%	-1.27%	223.29%	11.36%	-2.02%	0.00%	0.00%
Dividend Yield	-	-	4.62%	4.39%	1.97%	1.30%	0.47%	0.47%	0.14%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.85
(-) Cash Dividends Paid (M)	34.18
(=) Cash Retained (M)	104.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.77	17.36	10.41
Cash Retained (M)	104.67	104.67	104.67
(-) Cash Required (M)	-27.77	-17.36	-10.41
(=) Excess Retained (M)	76.90	87.31	94.26
(/) Shares Outstanding (M)	102.46	102.46	102.46
(=) Excess Retained per Share	0.75	0.85	0.92
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.75	0.85	0.92
(=) Adjusted Dividend	1.08	1.19	1.25
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.58	$15.77	$19.45
Upside / Downside	-39.04%	-23.60%	-5.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.85	137.46	136.09	134.73	133.38	132.05	136.01
Payout Ratio	24.62%	37.69%	50.77%	63.85%	76.92%	90.00%	92.50%
Projected Dividends (M)	34.18	51.82	69.09	86.02	102.60	118.84	125.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	48.19	48.68	49.17
Year 2 PV (M)	59.76	60.98	62.22
Year 3 PV (M)	69.18	71.32	73.51
Year 4 PV (M)	76.74	79.92	83.20
Year 5 PV (M)	82.66	86.97	91.45
PV of Terminal Value (M)	2,540.39	2,672.67	2,810.41
Equity Value (M)	2,876.92	3,020.54	3,169.96
Shares Outstanding (M)	102.46	102.46	102.46
Fair Value	$28.08	$29.48	$30.94
Upside / Downside	36.03%	42.83%	49.89%

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Zhejiang Walrus New Material Co.,Ltd. (003011.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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