DDM Analysis: 002852.SZ

Valuation Snapshot

Stable Growth	$85.35 - $162.84	$152.61
Multi-Stage	$25.44 - $27.85	$26.62
Blended Fair Value	$89.61
Current Price	$11.16
Upside	703.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.87%	25.77%	0.31	0.47	0.14	0.16	0.10	0.34	0.12	0.13	0.11	0.08
YoY Growth	-	-	-35.25%	230.21%	-11.59%	65.33%	-70.88%	179.03%	-3.60%	18.77%	36.50%	149.54%
Dividend Yield	-	-	3.50%	5.40%	1.18%	1.29%	0.75%	2.27%	0.73%	0.69%	0.26%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.35
(-) Cash Dividends Paid (M)	104.73
(=) Cash Retained (M)	176.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.27	35.17	21.10
Cash Retained (M)	176.62	176.62	176.62
(-) Cash Required (M)	-56.27	-35.17	-21.10
(=) Excess Retained (M)	120.35	141.45	155.52
(/) Shares Outstanding (M)	343.60	343.60	343.60
(=) Excess Retained per Share	0.35	0.41	0.45
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.35	0.41	0.45
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.35	$152.61	$162.84
Upside / Downside	664.78%	1,267.46%	1,359.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.35	299.64	319.11	339.86	361.95	385.47	397.04
Payout Ratio	37.22%	47.78%	58.33%	68.89%	79.44%	90.00%	92.50%
Projected Dividends (M)	104.73	143.17	186.15	234.13	287.55	346.93	367.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	133.40	134.67	135.93
Year 2 PV (M)	161.63	164.71	167.82
Year 3 PV (M)	189.43	194.86	200.40
Year 4 PV (M)	216.79	225.12	233.70
Year 5 PV (M)	243.72	255.49	267.71
PV of Terminal Value (M)	7,795.28	8,171.79	8,562.72
Equity Value (M)	8,740.24	9,146.65	9,568.28
Shares Outstanding (M)	343.60	343.60	343.60
Fair Value	$25.44	$26.62	$27.85
Upside / Downside	127.93%	138.53%	149.53%

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Daodaoquan Grain and Oil Co.,Ltd. (002852.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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