DDM Analysis: 603194.SS

Valuation Snapshot

Stable Growth	$20.91 - $32.21	$26.17
Multi-Stage	$46.05 - $50.73	$48.35
Blended Fair Value	$37.26
Current Price	$45.04
Upside	-17.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	875.28
(-) Cash Dividends Paid (M)	256.18
(=) Cash Retained (M)	619.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	175.06	109.41	65.65
Cash Retained (M)	619.10	619.10	619.10
(-) Cash Required (M)	-175.06	-109.41	-65.65
(=) Excess Retained (M)	444.04	509.69	553.45
(/) Shares Outstanding (M)	384.33	384.33	384.33
(=) Excess Retained per Share	1.16	1.33	1.44
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	1.16	1.33	1.44
(=) Adjusted Dividend	1.82	1.99	2.11
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$20.91	$26.17	$32.21
Upside / Downside	-53.58%	-41.90%	-28.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	875.28	866.53	857.86	849.28	840.79	832.38	857.35
Payout Ratio	29.27%	41.41%	53.56%	65.71%	77.85%	90.00%	92.50%
Projected Dividends (M)	256.18	358.87	459.48	558.04	654.59	749.14	793.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	333.44	336.84	340.25
Year 2 PV (M)	396.67	404.81	413.02
Year 3 PV (M)	447.62	461.46	475.59
Year 4 PV (M)	487.85	508.07	528.91
Year 5 PV (M)	518.76	545.78	573.90
PV of Terminal Value (M)	15,515.90	16,323.85	17,165.11
Equity Value (M)	17,700.25	18,580.81	19,496.79
Shares Outstanding (M)	384.33	384.33	384.33
Fair Value	$46.05	$48.35	$50.73
Upside / Downside	2.25%	7.34%	12.63%

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Zhejiang E-P Equipment Co Ltd (603194.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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