DDM Analysis: 300113.SZ

Valuation Snapshot

Stable Growth	$23.34 - $100.77	$56.85
Multi-Stage	$48.53 - $53.60	$51.02
Blended Fair Value	$53.93
Current Price	$25.39
Upside	112.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.82%	0.75%	0.08	0.07	0.07	0.08	0.19	0.16	0.21	0.12	0.11	0.04
YoY Growth	-	-	14.29%	-1.62%	-11.87%	-57.34%	19.14%	-22.34%	68.40%	8.31%	162.07%	-42.37%
Dividend Yield	-	-	0.41%	0.57%	0.46%	0.63%	1.50%	0.75%	1.16%	0.54%	0.44%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	363.47
(-) Cash Dividends Paid (M)	60.67
(=) Cash Retained (M)	302.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.69	45.43	27.26
Cash Retained (M)	302.80	302.80	302.80
(-) Cash Required (M)	-72.69	-45.43	-27.26
(=) Excess Retained (M)	230.10	257.36	275.54
(/) Shares Outstanding (M)	672.26	672.26	672.26
(=) Excess Retained per Share	0.34	0.38	0.41
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.34	0.38	0.41
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	0.58%	0.58%	0.58%
Growth Rate	-1.25%	-0.25%	0.75%
Fair Value	$23.34	$56.85	$100.77
Upside / Downside	-8.08%	123.91%	296.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	363.47	362.56	361.65	360.74	359.84	358.93	369.70
Payout Ratio	16.69%	31.35%	46.02%	60.68%	75.34%	90.00%	92.50%
Projected Dividends (M)	60.67	113.68	166.42	218.89	271.10	323.04	341.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.58%	0.58%	0.58%
Growth Rate	-1.25%	-0.25%	0.75%
Year 1 PV (M)	111.89	113.02	114.16
Year 2 PV (M)	161.22	164.50	167.82
Year 3 PV (M)	208.72	215.13	221.66
Year 4 PV (M)	254.44	264.91	275.69
Year 5 PV (M)	298.43	313.85	329.90
PV of Terminal Value (M)	31,591.74	33,224.07	34,923.18
Equity Value (M)	32,626.45	34,295.48	36,032.40
Shares Outstanding (M)	672.26	672.26	672.26
Fair Value	$48.53	$51.02	$53.60
Upside / Downside	91.15%	100.93%	111.10%

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Hangzhou Shunwang Technology Co,Ltd (300113.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener