DDM Analysis: 300913.SZ

Valuation Snapshot

Stable Growth	$16.13 - $42.28	$24.58
Multi-Stage	$13.68 - $14.99	$14.32
Blended Fair Value	$19.45
Current Price	$56.20
Upside	-65.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.34%	0.00%	0.11	0.07	0.06	0.05	0.02	0.07	0.10	0.53	0.01	0.00
YoY Growth	-	-	53.27%	26.92%	4.43%	134.93%	-67.25%	-31.14%	-80.93%	4,160.21%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.22%	0.35%	0.53%	0.21%	0.42%	0.60%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	201.38
(-) Cash Dividends Paid (M)	31.15
(=) Cash Retained (M)	170.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.28	25.17	15.10
Cash Retained (M)	170.23	170.23	170.23
(-) Cash Required (M)	-40.28	-25.17	-15.10
(=) Excess Retained (M)	129.96	145.06	155.13
(/) Shares Outstanding (M)	286.16	286.16	286.16
(=) Excess Retained per Share	0.45	0.51	0.54
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.45	0.51	0.54
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	4.15%	5.15%	6.15%
Fair Value	$16.13	$24.58	$42.28
Upside / Downside	-71.29%	-56.26%	-24.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.38	211.75	222.66	234.13	246.20	258.88	266.65
Payout Ratio	15.47%	30.37%	45.28%	60.19%	75.09%	90.00%	92.50%
Projected Dividends (M)	31.15	64.32	100.82	140.92	184.88	232.99	246.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	4.15%	5.15%	6.15%
Year 1 PV (M)	59.10	59.67	60.24
Year 2 PV (M)	85.14	86.78	88.44
Year 3 PV (M)	109.35	112.53	115.77
Year 4 PV (M)	131.84	136.97	142.26
Year 5 PV (M)	152.68	160.15	167.91
PV of Terminal Value (M)	3,377.22	3,542.50	3,714.18
Equity Value (M)	3,915.34	4,098.61	4,288.80
Shares Outstanding (M)	286.16	286.16	286.16
Fair Value	$13.68	$14.32	$14.99
Upside / Downside	-75.65%	-74.51%	-73.33%

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Zhejiang Zhaolong Interconnect Technology Co., Limited (300913.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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