DDM Analysis: 002085.SZ

Valuation Snapshot

Stable Growth	$9.62 - $28.04	$15.13
Multi-Stage	$10.25 - $11.23	$10.73
Blended Fair Value	$12.93
Current Price	$18.05
Upside	-28.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.17%	10.51%	0.25	0.10	0.14	0.10	0.20	0.31	0.31	0.09	0.02	0.04
YoY Growth	-	-	155.83%	-30.43%	43.75%	-50.86%	-35.72%	0.00%	260.00%	300.00%	-41.80%	-59.86%
Dividend Yield	-	-	1.43%	0.61%	2.29%	2.32%	3.71%	4.75%	3.74%	0.70%	0.12%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	818.86
(-) Cash Dividends Paid (M)	360.60
(=) Cash Retained (M)	458.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	163.77	102.36	61.41
Cash Retained (M)	458.26	458.26	458.26
(-) Cash Required (M)	-163.77	-102.36	-61.41
(=) Excess Retained (M)	294.49	355.90	396.84
(/) Shares Outstanding (M)	2,091.95	2,091.95	2,091.95
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.18%	4.18%	5.18%
Fair Value	$9.62	$15.13	$28.04
Upside / Downside	-46.69%	-16.16%	55.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	818.86	853.09	888.74	925.88	964.58	1,004.90	1,035.04
Payout Ratio	44.04%	53.23%	62.42%	71.61%	80.81%	90.00%	92.50%
Projected Dividends (M)	360.60	454.09	554.77	663.07	779.45	904.41	957.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.18%	4.18%	5.18%
Year 1 PV (M)	422.14	426.23	430.32
Year 2 PV (M)	479.44	488.78	498.20
Year 3 PV (M)	532.71	548.35	564.29
Year 4 PV (M)	582.14	605.04	628.60
Year 5 PV (M)	627.93	658.95	691.19
PV of Terminal Value (M)	18,791.63	19,720.08	20,684.87
Equity Value (M)	21,435.98	22,447.42	23,497.48
Shares Outstanding (M)	2,091.95	2,091.95	2,091.95
Fair Value	$10.25	$10.73	$11.23
Upside / Downside	-43.23%	-40.55%	-37.77%

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Zhejiang Wanfeng Auto Wheel Co., Ltd. (002085.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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