DDM Analysis: 600526.SS

Valuation Snapshot

Stable Growth	$6.66 - $15.26	$9.72
Multi-Stage	$8.49 - $9.31	$8.89
Blended Fair Value	$9.30
Current Price	$5.20
Upside	78.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.99%	-0.99%	0.08	0.11	0.15	0.37	0.09	0.14	0.16	0.14	0.13	0.14
YoY Growth	-	-	-27.40%	-21.50%	-61.18%	308.58%	-34.66%	-9.99%	11.43%	8.20%	-6.77%	51.45%
Dividend Yield	-	-	1.68%	2.43%	2.78%	5.92%	1.24%	2.31%	2.99%	1.80%	1.10%	0.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	285.65
(-) Cash Dividends Paid (M)	137.78
(=) Cash Retained (M)	147.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.13	35.71	21.42
Cash Retained (M)	147.88	147.88	147.88
(-) Cash Required (M)	-57.13	-35.71	-21.42
(=) Excess Retained (M)	90.75	112.17	126.45
(/) Shares Outstanding (M)	852.48	852.48	852.48
(=) Excess Retained per Share	0.11	0.13	0.15
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.11	0.13	0.15
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.42%	3.42%	4.42%
Fair Value	$6.66	$9.72	$15.26
Upside / Downside	28.12%	86.83%	193.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	285.65	295.42	305.52	315.96	326.76	337.93	348.07
Payout Ratio	48.23%	56.59%	64.94%	73.29%	81.65%	90.00%	92.50%
Projected Dividends (M)	137.78	167.17	198.40	231.58	266.79	304.14	321.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.42%	3.42%	4.42%
Year 1 PV (M)	155.39	156.90	158.42
Year 2 PV (M)	171.43	174.79	178.19
Year 3 PV (M)	186.00	191.50	197.11
Year 4 PV (M)	199.18	207.07	215.20
Year 5 PV (M)	211.07	221.57	232.50
PV of Terminal Value (M)	6,312.54	6,626.79	6,953.43
Equity Value (M)	7,235.60	7,578.63	7,934.85
Shares Outstanding (M)	852.48	852.48	852.48
Fair Value	$8.49	$8.89	$9.31
Upside / Downside	63.23%	70.96%	79.00%

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Zhejiang Feida Environmental Science & Technology Co., Ltd. (600526.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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