DDM Analysis: 603320.SS

Valuation Snapshot

Stable Growth	$91.70 - $108.03	$101.24
Multi-Stage	$64.83 - $71.15	$67.93
Blended Fair Value	$84.59
Current Price	$20.57
Upside	311.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.14%	6.65%	0.12	0.10	0.21	0.12	0.10	0.10	0.11	0.00	0.02	0.05
YoY Growth	-	-	20.90%	-51.01%	81.19%	16.84%	2.48%	-15.00%	0.00%	-100.00%	-55.61%	-27.40%
Dividend Yield	-	-	0.70%	0.79%	1.55%	0.84%	0.95%	0.77%	0.74%	0.00%	0.19%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.01
(-) Cash Dividends Paid (M)	24.94
(=) Cash Retained (M)	50.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.00	9.38	5.63
Cash Retained (M)	50.07	50.07	50.07
(-) Cash Required (M)	-15.00	-9.38	-5.63
(=) Excess Retained (M)	35.07	40.69	44.44
(/) Shares Outstanding (M)	138.08	138.08	138.08
(=) Excess Retained per Share	0.25	0.29	0.32
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.25	0.29	0.32
(=) Adjusted Dividend	0.43	0.48	0.50
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.70	$101.24	$108.03
Upside / Downside	345.78%	392.19%	425.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.01	79.89	85.08	90.61	96.50	102.77	105.85
Payout Ratio	33.25%	44.60%	55.95%	67.30%	78.65%	90.00%	92.50%
Projected Dividends (M)	24.94	35.63	47.60	60.98	75.90	92.49	97.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.77	35.10	35.43
Year 2 PV (M)	45.33	46.19	47.07
Year 3 PV (M)	56.67	58.29	59.95
Year 4 PV (M)	68.83	71.47	74.20
Year 5 PV (M)	81.85	85.80	89.91
PV of Terminal Value (M)	8,664.86	9,083.38	9,517.91
Equity Value (M)	8,952.31	9,380.24	9,824.46
Shares Outstanding (M)	138.08	138.08	138.08
Fair Value	$64.83	$67.93	$71.15
Upside / Downside	215.18%	230.25%	245.89%

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ZHEJIANG DIBAY ELECTRIC CO.,Ltd. (603320.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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