DDM Analysis: 002639.SZ

Valuation Snapshot

Stable Growth	$1.54 - $5.72	$2.59
Multi-Stage	$1.00 - $1.09	$1.05
Blended Fair Value	$1.82
Current Price	$10.48
Upside	-82.66%
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	-11.02%	3.20%	0.04	0.06	0.05	0.06	0.07	0.08	0.06	0.06	0.04	0.04
YoY Growth	-	-	-22.60%	8.43%	-17.22%	-6.98%	-13.68%	33.38%	-0.99%	34.11%	7.92%	28.51%
Dividend Yield	-	-	0.51%	0.79%	0.58%	0.55%	1.11%	1.05%	0.49%	0.77%	0.38%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.58
(-) Cash Dividends Paid (M)	20.37
(=) Cash Retained (M)	21.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.32	5.20	3.12
Cash Retained (M)	21.21	21.21	21.21
(-) Cash Required (M)	-8.32	-5.20	-3.12
(=) Excess Retained (M)	12.90	16.02	18.10
(/) Shares Outstanding (M)	774.54	774.54	774.54
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.54	$2.59	$5.72
Upside / Downside	-85.26%	-75.31%	-45.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.58	44.28	47.16	50.23	53.49	56.97	58.68
Payout Ratio	48.98%	57.18%	65.39%	73.59%	81.80%	90.00%	92.50%
Projected Dividends (M)	20.37	25.32	30.84	36.96	43.75	51.27	54.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.13	23.35	23.57
Year 2 PV (M)	25.74	26.23	26.72
Year 3 PV (M)	28.18	28.99	29.82
Year 4 PV (M)	30.48	31.65	32.86
Year 5 PV (M)	32.63	34.20	35.84
PV of Terminal Value (M)	635.71	666.42	698.30
Equity Value (M)	775.87	810.84	847.10
Shares Outstanding (M)	774.54	774.54	774.54
Fair Value	$1.00	$1.05	$1.09
Upside / Downside	-90.44%	-90.01%	-89.56%

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Fujian Snowman Co., Ltd. (002639.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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