DDM Analysis: 2947.TWO

Valuation Snapshot

Stable Growth	$29.33 - $44.26	$36.38
Multi-Stage	$60.07 - $66.03	$62.99
Blended Fair Value	$49.68
Current Price	$90.40
Upside	-45.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-8.00%	0.00%	1.67	1.39	4.63	2.99	2.33	2.53	0.00	0.00	0.00	0.00
YoY Growth	-	-	20.00%	-70.00%	54.97%	28.17%	-7.82%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.16%	1.91%	5.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	71.36
(-) Cash Dividends Paid (M)	40.46
(=) Cash Retained (M)	30.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.27	8.92	5.35
Cash Retained (M)	30.90	30.90	30.90
(-) Cash Required (M)	-14.27	-8.92	-5.35
(=) Excess Retained (M)	16.62	21.98	25.54
(/) Shares Outstanding (M)	20.79	20.79	20.79
(=) Excess Retained per Share	0.80	1.06	1.23
LTM Dividend per Share	1.95	1.95	1.95
(+) Excess Retained per Share	0.80	1.06	1.23
(=) Adjusted Dividend	2.75	3.00	3.17
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.33	$36.38	$44.26
Upside / Downside	-67.55%	-59.76%	-51.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	71.36	70.65	69.94	69.24	68.55	67.86	69.90
Payout Ratio	56.70%	63.36%	70.02%	76.68%	83.34%	90.00%	92.50%
Projected Dividends (M)	40.46	44.76	48.97	53.09	57.13	61.08	64.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	41.35	41.77	42.19
Year 2 PV (M)	41.78	42.64	43.50
Year 3 PV (M)	41.84	43.13	44.45
Year 4 PV (M)	41.58	43.30	45.08
Year 5 PV (M)	41.06	43.20	45.42
PV of Terminal Value (M)	1,041.42	1,095.64	1,152.11
Equity Value (M)	1,249.01	1,309.68	1,372.75
Shares Outstanding (M)	20.79	20.79	20.79
Fair Value	$60.07	$62.99	$66.03
Upside / Downside	-33.55%	-30.32%	-26.96%

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Zhen Yu Hardware Co., Ltd. (2947.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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