DDM Analysis: 300801.SZ

Valuation Snapshot

Stable Growth	$98.08 - $115.55	$108.29
Multi-Stage	$237.09 - $260.31	$248.48
Blended Fair Value	$178.39
Current Price	$26.35
Upside	576.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	44.63%	0.24	0.47	0.40	0.25	0.28	0.00	0.06	0.00	0.00	0.19
YoY Growth	-	-	-48.21%	16.35%	60.00%	-10.00%	0.00%	-100.00%	0.00%	-100.00%	-99.81%	3,009.87%
Dividend Yield	-	-	1.38%	3.27%	1.90%	1.10%	1.38%	0.00%	0.24%	0.00%	0.00%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	125.60
(-) Cash Dividends Paid (M)	27.99
(=) Cash Retained (M)	97.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.12	15.70	9.42
Cash Retained (M)	97.61	97.61	97.61
(-) Cash Required (M)	-25.12	-15.70	-9.42
(=) Excess Retained (M)	72.49	81.91	88.19
(/) Shares Outstanding (M)	216.16	216.16	216.16
(=) Excess Retained per Share	0.34	0.38	0.41
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.34	0.38	0.41
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	-20.78%	-20.78%	-20.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.08	$108.29	$115.55
Upside / Downside	272.21%	310.97%	338.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	125.60	133.76	142.45	151.71	161.57	172.08	177.24
Payout Ratio	22.29%	35.83%	49.37%	62.91%	76.46%	90.00%	92.50%
Projected Dividends (M)	27.99	47.92	70.33	95.45	123.54	154.87	163.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-20.78%	-20.78%	-20.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.92	60.49	61.06
Year 2 PV (M)	109.97	112.06	114.18
Year 3 PV (M)	186.61	191.97	197.43
Year 4 PV (M)	302.01	313.62	325.57
Year 5 PV (M)	473.42	496.29	520.03
PV of Terminal Value (M)	50,117.11	52,537.78	55,051.10
Equity Value (M)	51,249.04	53,712.22	56,269.37
Shares Outstanding (M)	216.16	216.16	216.16
Fair Value	$237.09	$248.48	$260.31
Upside / Downside	799.77%	843.01%	887.91%

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Shandong Taihe Water Treatment Technologies Co., Ltd. (300801.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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