DDM Analysis: 003041.SZ

Valuation Snapshot

Stable Growth	$27.23 - $53.60	$37.62
Multi-Stage	$133.76 - $147.82	$140.65
Blended Fair Value	$89.14
Current Price	$23.93
Upside	272.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2014	2013
DPS	126.13%	8.29%	0.52	0.33	0.15	0.00	0.00	0.01	0.03	0.02	0.17	0.21
YoY Growth	-	-	57.20%	120.74%	1,011,277.58%	-98.18%	-90.76%	-71.44%	31.57%	-85.89%	-20.41%	-11.09%
Dividend Yield	-	-	1.86%	2.53%	0.92%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	249.98
(-) Cash Dividends Paid (M)	69.84
(=) Cash Retained (M)	180.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.00	31.25	18.75
Cash Retained (M)	180.14	180.14	180.14
(-) Cash Required (M)	-50.00	-31.25	-18.75
(=) Excess Retained (M)	130.15	148.89	161.39
(/) Shares Outstanding (M)	144.01	144.01	144.01
(=) Excess Retained per Share	0.90	1.03	1.12
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.90	1.03	1.12
(=) Adjusted Dividend	1.39	1.52	1.61
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	-2.09%	-1.09%	-0.09%
Fair Value	$27.23	$37.62	$53.60
Upside / Downside	13.80%	57.22%	123.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	249.98	247.26	244.57	241.91	239.28	236.68	243.78
Payout Ratio	27.94%	40.35%	52.76%	65.17%	77.59%	90.00%	92.50%
Projected Dividends (M)	69.84	99.77	129.04	157.66	185.65	213.01	225.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	-2.09%	-1.09%	-0.09%
Year 1 PV (M)	95.97	96.95	97.93
Year 2 PV (M)	119.40	121.86	124.33
Year 3 PV (M)	140.34	144.68	149.12
Year 4 PV (M)	158.96	165.55	172.35
Year 5 PV (M)	175.44	184.59	194.11
PV of Terminal Value (M)	18,572.67	19,540.67	20,548.62
Equity Value (M)	19,262.78	20,254.30	21,286.46
Shares Outstanding (M)	144.01	144.01	144.01
Fair Value	$133.76	$140.65	$147.82
Upside / Downside	458.97%	487.75%	517.70%

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Zhejiang Truelove Vogue Co., Ltd. (003041.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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