DDM Analysis: 600633.SS

Valuation Snapshot

Stable Growth	$4.77 - $7.67	$6.08
Multi-Stage	$8.04 - $8.83	$8.43
Blended Fair Value	$7.25
Current Price	$14.49
Upside	-49.95%
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	21.78%	1.85%	0.22	0.10	0.04	0.10	0.11	0.08	0.18	0.15	0.19	0.20
YoY Growth	-	-	126.97%	152.84%	-62.42%	-9.36%	37.03%	-55.18%	18.78%	-18.29%	-7.63%	11.67%
Dividend Yield	-	-	1.63%	0.85%	0.31%	1.25%	1.48%	0.80%	1.72%	1.12%	0.95%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	571.60
(-) Cash Dividends Paid (M)	203.13
(=) Cash Retained (M)	368.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114.32	71.45	42.87
Cash Retained (M)	368.47	368.47	368.47
(-) Cash Required (M)	-114.32	-71.45	-42.87
(=) Excess Retained (M)	254.15	297.02	325.60
(/) Shares Outstanding (M)	1,280.46	1,280.46	1,280.46
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-0.15%	0.85%	1.85%
Fair Value	$4.77	$6.08	$7.67
Upside / Downside	-67.11%	-58.06%	-47.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	571.60	576.47	581.39	586.35	591.35	596.40	614.29
Payout Ratio	35.54%	46.43%	57.32%	68.21%	79.11%	90.00%	92.50%
Projected Dividends (M)	203.13	267.66	333.27	399.98	467.80	536.76	568.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-0.15%	0.85%	1.85%
Year 1 PV (M)	246.89	249.36	251.84
Year 2 PV (M)	283.56	289.27	295.04
Year 3 PV (M)	313.93	323.45	333.17
Year 4 PV (M)	338.68	352.45	366.64
Year 5 PV (M)	358.45	376.76	395.82
PV of Terminal Value (M)	8,752.88	9,200.04	9,665.28
Equity Value (M)	10,294.39	10,791.34	11,307.78
Shares Outstanding (M)	1,280.46	1,280.46	1,280.46
Fair Value	$8.04	$8.43	$8.83
Upside / Downside	-44.52%	-41.84%	-39.05%

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Zhejiang Daily Digital Culture Group Co.,Ltd. (600633.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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