DDM Analysis: 301018.SZ

Valuation Snapshot

Stable Growth	$77.04 - $90.76	$85.06
Multi-Stage	$51.47 - $56.49	$53.93
Blended Fair Value	$69.49
Current Price	$71.31
Upside	-2.55%
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	5.84%	3.61%	0.25	0.29	0.24	0.23	0.22	0.19	0.19	0.16	0.15	0.13
YoY Growth	-	-	-14.23%	20.47%	4.88%	6.47%	15.11%	-3.23%	19.96%	5.01%	20.63%	-27.02%
Dividend Yield	-	-	0.63%	1.12%	0.61%	0.91%	0.76%	0.66%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	122.78
(-) Cash Dividends Paid (M)	36.04
(=) Cash Retained (M)	86.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.56	15.35	9.21
Cash Retained (M)	86.75	86.75	86.75
(-) Cash Required (M)	-24.56	-15.35	-9.21
(=) Excess Retained (M)	62.19	71.40	77.54
(/) Shares Outstanding (M)	269.04	269.04	269.04
(=) Excess Retained per Share	0.23	0.27	0.29
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.23	0.27	0.29
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	2.67%	2.67%	2.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$77.04	$85.06	$90.76
Upside / Downside	8.03%	19.28%	27.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	122.78	130.76	139.26	148.32	157.96	168.22	173.27
Payout Ratio	29.35%	41.48%	53.61%	65.74%	77.87%	90.00%	92.50%
Projected Dividends (M)	36.04	54.24	74.66	97.50	123.00	151.40	160.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.67%	2.67%	2.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.34	52.83	53.33
Year 2 PV (M)	69.51	70.83	72.17
Year 3 PV (M)	87.59	90.10	92.67
Year 4 PV (M)	106.62	110.72	114.93
Year 5 PV (M)	126.63	132.74	139.09
PV of Terminal Value (M)	13,404.76	14,052.21	14,724.45
Equity Value (M)	13,847.44	14,509.44	15,196.64
Shares Outstanding (M)	269.04	269.04	269.04
Fair Value	$51.47	$53.93	$56.49
Upside / Downside	-27.82%	-24.37%	-20.79%

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Guangdong Shenling Environmental Systems Co., Ltd. (301018.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener