DDM Analysis: 603324.SS

Valuation Snapshot

Stable Growth	$10.21 - $30.78	$16.21
Multi-Stage	$9.54 - $10.46	$9.99
Blended Fair Value	$13.10
Current Price	$27.50
Upside	-52.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	39.06%	0.00%	0.28	0.18	0.34	0.26	0.04	0.05	0.05	0.01	0.00	0.00
YoY Growth	-	-	56.40%	-47.63%	27.80%	613.11%	-30.34%	6.21%	252.25%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.03%	0.86%	1.16%	0.86%	0.16%	0.22%	0.21%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.13
(-) Cash Dividends Paid (M)	8.03
(=) Cash Retained (M)	51.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.83	7.39	4.43
Cash Retained (M)	51.10	51.10	51.10
(-) Cash Required (M)	-11.83	-7.39	-4.43
(=) Excess Retained (M)	39.28	43.71	46.67
(/) Shares Outstanding (M)	146.26	146.26	146.26
(=) Excess Retained per Share	0.27	0.30	0.32
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.27	0.30	0.32
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	3.61%	4.61%	5.61%
Fair Value	$10.21	$16.21	$30.78
Upside / Downside	-62.88%	-41.06%	11.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.13	61.86	64.71	67.70	70.82	74.08	76.31
Payout Ratio	13.58%	28.86%	44.15%	59.43%	74.72%	90.00%	92.50%
Projected Dividends (M)	8.03	17.86	28.57	40.23	52.91	66.68	70.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	3.61%	4.61%	5.61%
Year 1 PV (M)	16.54	16.70	16.86
Year 2 PV (M)	24.53	25.00	25.48
Year 3 PV (M)	32.00	32.94	33.89
Year 4 PV (M)	39.00	40.53	42.10
Year 5 PV (M)	45.53	47.77	50.10
PV of Terminal Value (M)	1,237.49	1,298.37	1,361.62
Equity Value (M)	1,395.09	1,461.31	1,530.06
Shares Outstanding (M)	146.26	146.26	146.26
Fair Value	$9.54	$9.99	$10.46
Upside / Downside	-65.31%	-63.67%	-61.96%

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Shanghai Sheng Jian Environment Technology Co., Ltd. (603324.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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