DDM Analysis: 300010.SZ

Valuation Snapshot

Stable Growth	$0.16 - $0.21	$0.19
Multi-Stage	$0.39 - $0.44	$0.41
Blended Fair Value	$0.30
Current Price	$8.28
Upside	-96.39%
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	-13.93%	7.02%	0.02	0.00	0.00	0.06	0.04	0.04	0.04	0.03	0.01	0.02
YoY Growth	-	-	18,306.47%	-81.48%	-99.08%	29.81%	15.38%	4.70%	27.09%	276.74%	-56.49%	91.40%
Dividend Yield	-	-	0.22%	0.00%	0.01%	1.61%	0.63%	0.24%	0.34%	0.25%	0.05%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118.03
(-) Cash Dividends Paid (M)	35.88
(=) Cash Retained (M)	82.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.61	14.75	8.85
Cash Retained (M)	82.15	82.15	82.15
(-) Cash Required (M)	-23.61	-14.75	-8.85
(=) Excess Retained (M)	58.54	67.40	73.30
(/) Shares Outstanding (M)	2,061.09	2,061.09	2,061.09
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.05	0.05	0.05
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	-15.93%	-14.93%	-13.93%
Fair Value	$0.16	$0.19	$0.21
Upside / Downside	-98.06%	-97.76%	-97.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118.03	100.41	85.41	72.66	61.81	52.58	54.16
Payout Ratio	30.40%	42.32%	54.24%	66.16%	78.08%	90.00%	92.50%
Projected Dividends (M)	35.88	42.49	46.33	48.07	48.26	47.32	50.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	-15.93%	-14.93%	-13.93%
Year 1 PV (M)	38.85	39.31	39.77
Year 2 PV (M)	38.73	39.65	40.59
Year 3 PV (M)	36.74	38.07	39.42
Year 4 PV (M)	33.72	35.36	37.05
Year 5 PV (M)	30.23	32.07	34.00
PV of Terminal Value (M)	628.81	667.11	707.26
Equity Value (M)	807.08	851.57	898.10
Shares Outstanding (M)	2,061.09	2,061.09	2,061.09
Fair Value	$0.39	$0.41	$0.44
Upside / Downside	-95.27%	-95.01%	-94.74%

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Doushen (Beijing) Education & Technology Inc. (300010.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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