DDM Analysis: 300133.SZ

Valuation Snapshot

Stable Growth	$1.21 - $1.84	$1.50
Multi-Stage	$2.49 - $2.74	$2.62
Blended Fair Value	$2.06
Current Price	$9.29
Upside	-77.81%
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	32.91%	8.87%	0.06	0.03	0.03	0.03	0.04	0.01	0.09	0.09	0.06	0.04
YoY Growth	-	-	67.11%	19.81%	12.23%	-33.37%	177.05%	-85.25%	5.81%	54.49%	38.66%	68.67%
Dividend Yield	-	-	0.74%	0.36%	0.36%	0.50%	0.63%	0.21%	1.12%	0.73%	0.51%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	251.95
(-) Cash Dividends Paid (M)	88.66
(=) Cash Retained (M)	163.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.39	31.49	18.90
Cash Retained (M)	163.29	163.29	163.29
(-) Cash Required (M)	-50.39	-31.49	-18.90
(=) Excess Retained (M)	112.90	131.80	144.39
(/) Shares Outstanding (M)	1,864.08	1,864.08	1,864.08
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	-1.88%	-0.88%	0.12%
Fair Value	$1.21	$1.50	$1.84
Upside / Downside	-87.01%	-83.80%	-80.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	251.95	249.73	247.53	245.35	243.19	241.05	248.28
Payout Ratio	35.19%	46.15%	57.11%	68.08%	79.04%	90.00%	92.50%
Projected Dividends (M)	88.66	115.25	141.37	167.02	192.21	216.94	229.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	-1.88%	-0.88%	0.12%
Year 1 PV (M)	106.72	107.80	108.89
Year 2 PV (M)	121.21	123.69	126.20
Year 3 PV (M)	132.60	136.69	140.87
Year 4 PV (M)	141.29	147.14	153.17
Year 5 PV (M)	147.66	155.34	163.34
PV of Terminal Value (M)	3,999.64	4,207.65	4,424.23
Equity Value (M)	4,649.12	4,878.32	5,116.70
Shares Outstanding (M)	1,864.08	1,864.08	1,864.08
Fair Value	$2.49	$2.62	$2.74
Upside / Downside	-73.15%	-71.83%	-70.45%

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Zhejiang Huace Film & TV Co., Ltd. (300133.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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