DDM Analysis: 603017.SS

Valuation Snapshot

Stable Growth	$0.70 - $0.94	$0.82
Multi-Stage	$2.29 - $2.53	$2.41
Blended Fair Value	$1.62
Current Price	$10.30
Upside	-84.32%
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	-15.37%	-3.67%	0.13	0.34	0.29	0.67	0.44	0.30	0.31	0.14	0.18	0.14
YoY Growth	-	-	-61.56%	18.10%	-56.66%	50.25%	46.79%	-1.24%	123.80%	-22.73%	22.42%	-24.19%
Dividend Yield	-	-	1.58%	4.05%	2.67%	6.44%	4.40%	2.81%	1.95%	1.03%	0.88%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.72
(-) Cash Dividends Paid (M)	32.21
(=) Cash Retained (M)	8.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.14	5.09	3.05
Cash Retained (M)	8.51	8.51	8.51
(-) Cash Required (M)	-8.14	-5.09	-3.05
(=) Excess Retained (M)	0.37	3.42	5.46
(/) Shares Outstanding (M)	271.61	271.61	271.61
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-9.23%	-8.23%	-7.23%
Fair Value	$0.70	$0.82	$0.94
Upside / Downside	-93.25%	-92.02%	-90.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.72	37.37	34.29	31.47	28.88	26.50	27.30
Payout Ratio	79.10%	81.28%	83.46%	85.64%	87.82%	90.00%	92.50%
Projected Dividends (M)	32.21	30.37	28.62	26.95	25.36	23.85	25.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-9.23%	-8.23%	-7.23%
Year 1 PV (M)	28.23	28.54	28.85
Year 2 PV (M)	24.72	25.27	25.82
Year 3 PV (M)	21.64	22.36	23.10
Year 4 PV (M)	18.92	19.77	20.65
Year 5 PV (M)	16.54	17.47	18.45
PV of Terminal Value (M)	512.04	540.87	570.99
Equity Value (M)	622.09	654.29	687.86
Shares Outstanding (M)	271.61	271.61	271.61
Fair Value	$2.29	$2.41	$2.53
Upside / Downside	-77.76%	-76.61%	-75.41%

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ARTS Group Co., Ltd (603017.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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