DDM Analysis: 002725.SZ

Valuation Snapshot

Stable Growth	$1.74 - $2.44	$2.09
Multi-Stage	$2.93 - $3.23	$3.08
Blended Fair Value	$2.58
Current Price	$16.00
Upside	-83.85%
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	-43.97%	-27.73%	0.01	0.02	0.04	0.01	0.08	0.11	0.02	0.07	0.09	0.16
YoY Growth	-	-	-72.71%	-45.64%	212.48%	-82.47%	-32.02%	584.46%	-76.08%	-26.03%	-40.00%	-3.11%
Dividend Yield	-	-	0.05%	0.21%	0.42%	0.15%	0.94%	1.19%	0.16%	0.84%	0.73%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.35
(-) Cash Dividends Paid (M)	1.98
(=) Cash Retained (M)	71.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.67	9.17	5.50
Cash Retained (M)	71.36	71.36	71.36
(-) Cash Required (M)	-14.67	-9.17	-5.50
(=) Excess Retained (M)	56.69	62.19	65.86
(/) Shares Outstanding (M)	255.87	255.87	255.87
(=) Excess Retained per Share	0.22	0.24	0.26
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.22	0.24	0.26
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	-3.60%	-2.60%	-1.60%
Fair Value	$1.74	$2.09	$2.44
Upside / Downside	-89.11%	-86.93%	-84.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.35	71.44	69.58	67.77	66.00	64.28	66.21
Payout Ratio	2.70%	20.16%	37.62%	55.08%	72.54%	90.00%	92.50%
Projected Dividends (M)	1.98	14.40	26.18	37.33	47.88	57.85	61.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	-3.60%	-2.60%	-1.60%
Year 1 PV (M)	13.07	13.20	13.34
Year 2 PV (M)	21.55	22.00	22.45
Year 3 PV (M)	27.88	28.76	29.65
Year 4 PV (M)	32.45	33.82	35.23
Year 5 PV (M)	35.58	37.46	39.42
PV of Terminal Value (M)	619.25	652.04	686.21
Equity Value (M)	749.77	787.28	826.30
Shares Outstanding (M)	255.87	255.87	255.87
Fair Value	$2.93	$3.08	$3.23
Upside / Downside	-81.69%	-80.77%	-79.82%

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Zhejiang Yueling Co., Ltd. (002725.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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