DDM Analysis: 300879.SZ

Valuation Snapshot

Stable Growth	$11.55 - $26.06	$16.76
Multi-Stage	$14.74 - $16.18	$15.45
Blended Fair Value	$16.10
Current Price	$35.25
Upside	-54.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	19.82%	0.00%	0.17	0.19	0.24	0.20	0.10	0.07	0.05	0.25	0.20	0.00
YoY Growth	-	-	-8.21%	-22.72%	24.03%	99.18%	40.93%	46.63%	-80.85%	23.93%	0.00%	0.00%
Dividend Yield	-	-	0.92%	1.50%	1.33%	1.19%	0.37%	0.10%	0.07%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118.70
(-) Cash Dividends Paid (M)	33.77
(=) Cash Retained (M)	84.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.74	14.84	8.90
Cash Retained (M)	84.93	84.93	84.93
(-) Cash Required (M)	-23.74	-14.84	-8.90
(=) Excess Retained (M)	61.19	70.09	76.03
(/) Shares Outstanding (M)	200.77	200.77	200.77
(=) Excess Retained per Share	0.30	0.35	0.38
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.30	0.35	0.38
(=) Adjusted Dividend	0.47	0.52	0.55
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	2.34%	3.34%	4.34%
Fair Value	$11.55	$16.76	$26.06
Upside / Downside	-67.22%	-52.45%	-26.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118.70	122.67	126.77	131.01	135.38	139.91	144.10
Payout Ratio	28.45%	40.76%	53.07%	65.38%	77.69%	90.00%	92.50%
Projected Dividends (M)	33.77	50.00	67.28	85.65	105.18	125.92	133.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	2.34%	3.34%	4.34%
Year 1 PV (M)	46.48	46.94	47.39
Year 2 PV (M)	58.14	59.28	60.44
Year 3 PV (M)	68.81	70.85	72.92
Year 4 PV (M)	78.55	81.66	84.87
Year 5 PV (M)	87.41	91.77	96.30
PV of Terminal Value (M)	2,620.71	2,751.28	2,886.99
Equity Value (M)	2,960.11	3,101.78	3,248.91
Shares Outstanding (M)	200.77	200.77	200.77
Fair Value	$14.74	$15.45	$16.18
Upside / Downside	-58.17%	-56.17%	-54.09%

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Ningbo Daye Garden Machinery Co.,Ltd. (300879.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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