DDM Analysis: 003002.SZ

Valuation Snapshot

Stable Growth	$87.94 - $183.91	$172.35
Multi-Stage	$27.67 - $30.31	$28.96
Blended Fair Value	$100.66
Current Price	$25.41
Upside	296.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.09%	-3.30%	0.25	0.15	0.16	0.41	0.06	0.06	0.06	0.02	0.04	0.05
YoY Growth	-	-	65.89%	-2.03%	-62.05%	577.02%	0.00%	0.00%	248.29%	-52.39%	-27.36%	-85.78%
Dividend Yield	-	-	1.08%	1.15%	0.78%	3.15%	0.39%	0.51%	0.51%	0.15%	0.31%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.99
(-) Cash Dividends Paid (M)	30.47
(=) Cash Retained (M)	151.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.40	22.75	13.65
Cash Retained (M)	151.52	151.52	151.52
(-) Cash Required (M)	-36.40	-22.75	-13.65
(=) Excess Retained (M)	115.12	128.77	137.87
(/) Shares Outstanding (M)	196.80	196.80	196.80
(=) Excess Retained per Share	0.58	0.65	0.70
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.58	0.65	0.70
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87.94	$172.35	$183.91
Upside / Downside	246.08%	578.28%	623.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.99	193.82	206.42	219.84	234.13	249.35	256.83
Payout Ratio	16.74%	31.40%	46.05%	60.70%	75.35%	90.00%	92.50%
Projected Dividends (M)	30.47	60.85	95.05	133.44	176.41	224.41	237.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.66	57.20	57.74
Year 2 PV (M)	82.41	83.98	85.56
Year 3 PV (M)	107.72	110.82	113.97
Year 4 PV (M)	132.61	137.71	142.96
Year 5 PV (M)	157.07	164.66	172.54
PV of Terminal Value (M)	4,908.59	5,145.68	5,391.84
Equity Value (M)	5,445.07	5,700.04	5,964.60
Shares Outstanding (M)	196.80	196.80	196.80
Fair Value	$27.67	$28.96	$30.31
Upside / Downside	8.89%	13.98%	19.27%

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Shanxi Huhua Group Co., Ltd. (003002.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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