DDM Analysis: 300813.SZ

Valuation Snapshot

Stable Growth	$0.95 - $1.36	$1.15
Multi-Stage	$1.59 - $1.74	$1.67
Blended Fair Value	$1.41
Current Price	$36.52
Upside	-96.14%
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	0.00%	-0.87%	0.09	0.23	0.15	0.08	0.27	0.00	0.00	0.13	0.09	0.07
YoY Growth	-	-	-59.54%	52.30%	82.58%	-68.66%	0.00%	-100.00%	-99.71%	50.81%	26.65%	-33.33%
Dividend Yield	-	-	0.49%	1.14%	0.49%	0.22%	1.35%	0.00%	0.00%	0.79%	0.52%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.46
(-) Cash Dividends Paid (M)	12.20
(=) Cash Retained (M)	4.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.29	2.06	1.23
Cash Retained (M)	4.26	4.26	4.26
(-) Cash Required (M)	-3.29	-2.06	-1.23
(=) Excess Retained (M)	0.97	2.20	3.03
(/) Shares Outstanding (M)	117.40	117.40	117.40
(=) Excess Retained per Share	0.01	0.02	0.03
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.01	0.02	0.03
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.95	$1.15	$1.36
Upside / Downside	-97.39%	-96.84%	-96.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.46	16.29	16.13	15.97	15.81	15.65	16.12
Payout Ratio	74.11%	77.29%	80.47%	83.64%	86.82%	90.00%	92.50%
Projected Dividends (M)	12.20	12.59	12.98	13.36	13.73	14.09	14.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.38	11.50	11.61
Year 2 PV (M)	10.60	10.82	11.04
Year 3 PV (M)	9.86	10.17	10.48
Year 4 PV (M)	9.16	9.54	9.93
Year 5 PV (M)	8.49	8.94	9.40
PV of Terminal Value (M)	137.68	144.85	152.31
Equity Value (M)	187.18	195.81	204.77
Shares Outstanding (M)	117.40	117.40	117.40
Fair Value	$1.59	$1.67	$1.74
Upside / Downside	-95.63%	-95.43%	-95.22%

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Zhejiang Tailin BioEngineering Co.,Ltd (300813.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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