DDM Analysis: 300673.SZ

Valuation Snapshot

Stable Growth	$54.86 - $104.68	$98.10
Multi-Stage	$16.67 - $18.24	$17.44
Blended Fair Value	$57.77
Current Price	$17.86
Upside	223.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-28.73%	4.86%	0.04	0.04	0.07	0.09	0.03	0.24	0.15	0.15	0.11	0.08
YoY Growth	-	-	19.70%	-45.46%	-24.07%	191.50%	-87.27%	58.51%	1.74%	29.40%	43.17%	192.56%
Dividend Yield	-	-	0.26%	0.32%	0.38%	0.58%	0.15%	1.39%	0.50%	0.86%	0.96%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141.00
(-) Cash Dividends Paid (M)	96.30
(=) Cash Retained (M)	44.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.20	17.62	10.57
Cash Retained (M)	44.70	44.70	44.70
(-) Cash Required (M)	-28.20	-17.62	-10.57
(=) Excess Retained (M)	16.50	27.07	34.12
(/) Shares Outstanding (M)	267.87	267.87	267.87
(=) Excess Retained per Share	0.06	0.10	0.13
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.06	0.10	0.13
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.86	$98.10	$104.68
Upside / Downside	207.16%	449.29%	486.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141.00	150.16	159.92	170.32	181.39	193.18	198.97
Payout Ratio	68.30%	72.64%	76.98%	81.32%	85.66%	90.00%	92.50%
Projected Dividends (M)	96.30	109.08	123.11	138.50	155.38	173.86	184.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	101.64	102.60	103.57
Year 2 PV (M)	106.89	108.93	110.98
Year 3 PV (M)	112.06	115.27	118.55
Year 4 PV (M)	117.14	121.64	126.28
Year 5 PV (M)	122.14	128.04	134.16
PV of Terminal Value (M)	3,906.41	4,095.09	4,291.00
Equity Value (M)	4,466.28	4,671.58	4,884.54
Shares Outstanding (M)	267.87	267.87	267.87
Fair Value	$16.67	$17.44	$18.24
Upside / Downside	-6.64%	-2.35%	2.10%

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Petpal Pet Nutrition Technology Co., Ltd. (300673.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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