DDM Analysis: 002606.SZ

Valuation Snapshot

Stable Growth	$68.66 - $80.90	$75.81
Multi-Stage	$46.82 - $51.39	$49.07
Blended Fair Value	$62.44
Current Price	$8.77
Upside	611.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.58%	0.19%	0.09	0.05	0.05	0.03	0.02	0.02	0.04	0.07	0.06	0.07
YoY Growth	-	-	71.60%	15.18%	49.28%	37.01%	1.33%	-41.47%	-47.34%	19.98%	-17.30%	-18.64%
Dividend Yield	-	-	1.01%	0.76%	0.44%	0.32%	0.33%	0.32%	0.52%	0.91%	0.29%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	170.95
(-) Cash Dividends Paid (M)	30.11
(=) Cash Retained (M)	140.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.19	21.37	12.82
Cash Retained (M)	140.85	140.85	140.85
(-) Cash Required (M)	-34.19	-21.37	-12.82
(=) Excess Retained (M)	106.66	119.48	128.03
(/) Shares Outstanding (M)	420.28	420.28	420.28
(=) Excess Retained per Share	0.25	0.28	0.30
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.25	0.28	0.30
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$68.66	$75.81	$80.90
Upside / Downside	682.92%	764.43%	822.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	170.95	182.07	193.90	206.50	219.93	234.22	241.25
Payout Ratio	17.61%	32.09%	46.57%	61.04%	75.52%	90.00%	92.50%
Projected Dividends (M)	30.11	58.42	90.29	126.06	166.09	210.80	223.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.63	57.17	57.70
Year 2 PV (M)	84.84	86.45	88.09
Year 3 PV (M)	114.81	118.10	121.46
Year 4 PV (M)	146.63	152.27	158.07
Year 5 PV (M)	180.39	189.10	198.14
PV of Terminal Value (M)	19,095.84	20,018.18	20,975.81
Equity Value (M)	19,679.13	20,621.27	21,599.28
Shares Outstanding (M)	420.28	420.28	420.28
Fair Value	$46.82	$49.07	$51.39
Upside / Downside	433.91%	459.47%	486.01%

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Dalian Insulator Group Co., Ltd (002606.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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