DDM Analysis: 301151.SZ

Valuation Snapshot

Stable Growth	$4.40 - $6.78	$5.50
Multi-Stage	$9.97 - $10.97	$10.46
Blended Fair Value	$7.98
Current Price	$20.48
Upside	-61.03%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	18.15%	0.00%	0.63	0.24	0.43	0.06	2.95	0.27	0.09	0.21	0.00	0.00
YoY Growth	-	-	163.63%	-43.87%	655.67%	-98.09%	979.20%	214.74%	-58.20%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.16%	1.46%	2.39%	0.20%	10.44%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.92
(-) Cash Dividends Paid (M)	51.97
(=) Cash Retained (M)	28.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.18	10.11	6.07
Cash Retained (M)	28.95	28.95	28.95
(-) Cash Required (M)	-16.18	-10.11	-6.07
(=) Excess Retained (M)	12.77	18.83	22.88
(/) Shares Outstanding (M)	168.93	168.93	168.93
(=) Excess Retained per Share	0.08	0.11	0.14
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.08	0.11	0.14
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.40	$5.50	$6.78
Upside / Downside	-78.53%	-73.13%	-66.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.92	80.11	79.31	78.52	77.73	76.95	79.26
Payout Ratio	64.22%	69.38%	74.53%	79.69%	84.84%	90.00%	92.50%
Projected Dividends (M)	51.97	55.58	59.11	62.57	65.95	69.26	73.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	51.64	52.17	52.70
Year 2 PV (M)	51.03	52.08	53.14
Year 3 PV (M)	50.19	51.74	53.32
Year 4 PV (M)	49.15	51.19	53.29
Year 5 PV (M)	47.96	50.46	53.06
PV of Terminal Value (M)	1,434.43	1,509.12	1,586.90
Equity Value (M)	1,684.40	1,766.75	1,852.39
Shares Outstanding (M)	168.93	168.93	168.93
Fair Value	$9.97	$10.46	$10.97
Upside / Downside	-51.31%	-48.93%	-46.46%

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Shanghai Karon Eco-Valve Manufacturing Co., Ltd. (301151.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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