DDM Analysis: 002445.SZ

Valuation Snapshot

Stable Growth	$0.29 - $0.41	$0.35
Multi-Stage	$0.42 - $0.46	$0.44
Blended Fair Value	$0.39
Current Price	$2.62
Upside	-84.98%
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	-48.33%	-24.49%	0.00	0.00	0.00	0.00	0.00	0.02	0.08	0.07	0.03	0.03
YoY Growth	-	-	629.74%	0.00%	0.00%	-100.00%	-82.48%	-76.26%	11.08%	131.80%	19.71%	123.53%
Dividend Yield	-	-	0.03%	0.00%	0.00%	0.00%	0.17%	1.40%	3.45%	0.60%	0.20%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.05
(-) Cash Dividends Paid (M)	1.58
(=) Cash Retained (M)	102.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.81	13.01	7.80
Cash Retained (M)	102.47	102.47	102.47
(-) Cash Required (M)	-20.81	-13.01	-7.80
(=) Excess Retained (M)	81.66	89.46	94.66
(/) Shares Outstanding (M)	2,406.05	2,406.05	2,406.05
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.03	0.04	0.04
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.29	$0.35	$0.41
Upside / Downside	-89.05%	-86.79%	-84.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.05	103.01	101.98	100.96	99.95	98.95	101.92
Payout Ratio	1.52%	19.22%	36.91%	54.61%	72.30%	90.00%	92.50%
Projected Dividends (M)	1.58	19.79	37.64	55.13	72.27	89.05	94.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.84	18.02	18.21
Year 2 PV (M)	30.58	31.21	31.84
Year 3 PV (M)	40.37	41.62	42.90
Year 4 PV (M)	47.70	49.68	51.72
Year 5 PV (M)	52.99	55.74	58.62
PV of Terminal Value (M)	822.17	864.99	909.56
Equity Value (M)	1,011.66	1,061.27	1,112.84
Shares Outstanding (M)	2,406.05	2,406.05	2,406.05
Fair Value	$0.42	$0.44	$0.46
Upside / Downside	-83.95%	-83.16%	-82.35%

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Zhongnanhong Culture Group Co. Ltd. Class A (002445.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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