DDM Analysis: 605567.SS

Valuation Snapshot

Stable Growth	$1.94 - $3.01	$2.43
Multi-Stage	$4.61 - $5.07	$4.84
Blended Fair Value	$3.63
Current Price	$10.07
Upside	-63.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-9.09%	0.00%	0.06	0.16	0.10	0.07	0.10	0.09	0.09	0.08	0.00	0.00
YoY Growth	-	-	-63.18%	50.00%	54.52%	-35.28%	12.45%	-0.99%	21.02%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.68%	1.60%	0.66%	0.40%	0.61%	0.54%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.65
(-) Cash Dividends Paid (M)	29.41
(=) Cash Retained (M)	10.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.93	4.96	2.97
Cash Retained (M)	10.25	10.25	10.25
(-) Cash Required (M)	-7.93	-4.96	-2.97
(=) Excess Retained (M)	2.32	5.29	7.27
(/) Shares Outstanding (M)	193.02	193.02	193.02
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.94	$2.43	$3.01
Upside / Downside	-80.75%	-75.82%	-70.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.65	39.25	38.86	38.47	38.09	37.71	38.84
Payout Ratio	74.16%	77.33%	80.50%	83.66%	86.83%	90.00%	92.50%
Projected Dividends (M)	29.41	30.35	31.28	32.19	33.07	33.94	35.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.26	28.55	28.84
Year 2 PV (M)	27.12	27.68	28.24
Year 3 PV (M)	25.99	26.79	27.61
Year 4 PV (M)	24.86	25.89	26.96
Year 5 PV (M)	23.76	24.99	26.28
PV of Terminal Value (M)	759.79	799.35	840.55
Equity Value (M)	889.78	933.26	978.47
Shares Outstanding (M)	193.02	193.02	193.02
Fair Value	$4.61	$4.84	$5.07
Upside / Downside	-54.22%	-51.98%	-49.66%

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Springsnow Food Group Co., Ltd. (605567.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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