DDM Analysis: 002837.SZ

Valuation Snapshot

Stable Growth	$14.16 - $40.04	$22.07
Multi-Stage	$9.62 - $10.51	$10.06
Blended Fair Value	$16.06
Current Price	$79.98
Upside	-79.92%
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	18.85%	46.83%	0.15	0.12	0.09	0.09	0.08	0.06	0.01	0.03	0.00	0.00
YoY Growth	-	-	30.77%	31.91%	-7.92%	20.75%	23.61%	354.44%	-55.55%	1,714.98%	-28.28%	-25.28%
Dividend Yield	-	-	0.50%	0.63%	0.58%	0.77%	0.42%	0.23%	0.09%	0.19%	0.01%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	498.98
(-) Cash Dividends Paid (M)	168.95
(=) Cash Retained (M)	330.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.80	62.37	37.42
Cash Retained (M)	330.03	330.03	330.03
(-) Cash Required (M)	-99.80	-62.37	-37.42
(=) Excess Retained (M)	230.24	267.66	292.61
(/) Shares Outstanding (M)	867.71	867.71	867.71
(=) Excess Retained per Share	0.27	0.31	0.34
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.27	0.31	0.34
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.16	$22.07	$40.04
Upside / Downside	-82.30%	-72.41%	-49.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	498.98	531.41	565.95	602.74	641.92	683.64	704.15
Payout Ratio	33.86%	45.09%	56.32%	67.54%	78.77%	90.00%	92.50%
Projected Dividends (M)	168.95	239.60	318.72	407.11	505.65	615.28	651.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	217.89	219.96	222.02
Year 2 PV (M)	263.59	268.61	273.68
Year 3 PV (M)	306.20	314.99	323.94
Year 4 PV (M)	345.86	359.16	372.84
Year 5 PV (M)	382.72	401.21	420.40
PV of Terminal Value (M)	6,834.33	7,164.43	7,507.17
Equity Value (M)	8,350.60	8,728.36	9,120.06
Shares Outstanding (M)	867.71	867.71	867.71
Fair Value	$9.62	$10.06	$10.51
Upside / Downside	-87.97%	-87.42%	-86.86%

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Shenzhen Envicool Technology Co., Ltd. (002837.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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