DDM Analysis: 600113.SS

Valuation Snapshot

Stable Growth	$21.47 - $74.29	$69.62
Multi-Stage	$9.63 - $10.54	$10.08
Blended Fair Value	$39.85
Current Price	$54.77
Upside	-27.25%
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	30.38%	29.66%	0.22	0.16	0.27	0.05	0.07	0.06	0.09	0.03	0.04	0.03
YoY Growth	-	-	38.55%	-42.03%	488.35%	-31.48%	16.34%	-38.72%	184.49%	-5.98%	28.44%	69.32%
Dividend Yield	-	-	1.58%	1.96%	3.53%	0.53%	1.11%	0.94%	1.10%	0.31%	0.21%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.40
(-) Cash Dividends Paid (M)	61.05
(=) Cash Retained (M)	85.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.28	18.30	10.98
Cash Retained (M)	85.35	85.35	85.35
(-) Cash Required (M)	-29.28	-18.30	-10.98
(=) Excess Retained (M)	56.07	67.05	74.37
(/) Shares Outstanding (M)	391.95	391.95	391.95
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	6.97%	6.97%	6.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.47	$69.62	$74.29
Upside / Downside	-60.79%	27.11%	35.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.40	155.92	166.05	176.85	188.34	200.59	206.60
Payout Ratio	41.70%	51.36%	61.02%	70.68%	80.34%	90.00%	92.50%
Projected Dividends (M)	61.05	80.08	101.33	125.00	151.32	180.53	191.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.97%	6.97%	6.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.16	74.86	75.57
Year 2 PV (M)	86.90	88.56	90.23
Year 3 PV (M)	99.28	102.13	105.03
Year 4 PV (M)	111.30	115.58	119.98
Year 5 PV (M)	122.97	128.91	135.07
PV of Terminal Value (M)	3,280.56	3,439.02	3,603.53
Equity Value (M)	3,775.16	3,949.04	4,129.41
Shares Outstanding (M)	391.95	391.95	391.95
Fair Value	$9.63	$10.08	$10.54
Upside / Downside	-82.41%	-81.60%	-80.76%

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Zhejiang Dongri Limited Company (600113.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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