DDM Analysis: 600854.SS

Valuation Snapshot

Stable Growth	$20.52 - $45.68	$42.81
Multi-Stage	$6.92 - $7.57	$7.24
Blended Fair Value	$25.02
Current Price	$5.18
Upside	383.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.47%	26.85%	0.14	0.11	0.09	0.04	0.04	0.06	0.02	0.01	0.02	0.02
YoY Growth	-	-	21.74%	21.05%	150.00%	-5.00%	-33.33%	200.00%	66.23%	-44.66%	41.78%	18.12%
Dividend Yield	-	-	3.02%	2.58%	2.03%	0.76%	1.16%	1.57%	0.43%	0.25%	0.27%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.38
(-) Cash Dividends Paid (M)	63.94
(=) Cash Retained (M)	55.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.88	14.92	8.95
Cash Retained (M)	55.44	55.44	55.44
(-) Cash Required (M)	-23.88	-14.92	-8.95
(=) Excess Retained (M)	31.56	40.51	46.48
(/) Shares Outstanding (M)	519.73	519.73	519.73
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.52	$42.81	$45.68
Upside / Downside	296.23%	726.43%	781.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.38	127.14	135.40	144.20	153.58	163.56	168.47
Payout Ratio	53.56%	60.85%	68.14%	75.42%	82.71%	90.00%	92.50%
Projected Dividends (M)	63.94	77.36	92.26	108.77	127.03	147.20	155.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	72.00	72.68	73.36
Year 2 PV (M)	79.90	81.43	82.96
Year 3 PV (M)	87.67	90.18	92.75
Year 4 PV (M)	95.28	98.95	102.72
Year 5 PV (M)	102.76	107.72	112.87
PV of Terminal Value (M)	3,158.08	3,310.61	3,468.99
Equity Value (M)	3,595.68	3,761.57	3,933.65
Shares Outstanding (M)	519.73	519.73	519.73
Fair Value	$6.92	$7.24	$7.57
Upside / Downside	33.56%	39.72%	46.11%

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Jiangsu chunlan refrigerating equipment stock co.,ltd. (600854.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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