DDM Analysis: 603999.SS

Valuation Snapshot

Stable Growth	$1.16 - $1.80	$1.45
Multi-Stage	$1.62 - $1.78	$1.70
Blended Fair Value	$1.58
Current Price	$6.43
Upside	-75.46%
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	16.52%	-2.99%	0.05	0.04	0.05	0.04	0.03	0.02	0.04	0.05	0.06	0.01
YoY Growth	-	-	15.56%	-1.91%	16.32%	16.00%	40.45%	-40.65%	-20.11%	-12.31%	767.51%	-90.47%
Dividend Yield	-	-	0.72%	0.71%	0.70%	0.64%	0.65%	0.42%	0.62%	0.69%	0.43%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.25
(-) Cash Dividends Paid (M)	19.01
(=) Cash Retained (M)	51.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.05	8.78	5.27
Cash Retained (M)	51.24	51.24	51.24
(-) Cash Required (M)	-14.05	-8.78	-5.27
(=) Excess Retained (M)	37.19	42.46	45.98
(/) Shares Outstanding (M)	580.87	580.87	580.87
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	0.44%	1.44%	2.44%
Fair Value	$1.16	$1.45	$1.80
Upside / Downside	-81.97%	-77.39%	-72.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.25	71.27	72.30	73.34	74.40	75.48	77.74
Payout Ratio	27.06%	39.65%	52.23%	64.82%	77.41%	90.00%	92.50%
Projected Dividends (M)	19.01	28.25	37.76	47.54	57.59	67.93	71.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	0.44%	1.44%	2.44%
Year 1 PV (M)	25.71	25.96	26.22
Year 2 PV (M)	31.26	31.88	32.52
Year 3 PV (M)	35.80	36.88	37.99
Year 4 PV (M)	39.46	41.06	42.70
Year 5 PV (M)	42.35	44.50	46.73
PV of Terminal Value (M)	769.07	808.12	848.74
Equity Value (M)	943.65	988.41	1,034.90
Shares Outstanding (M)	580.87	580.87	580.87
Fair Value	$1.62	$1.70	$1.78
Upside / Downside	-74.74%	-73.54%	-72.29%

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DuZhe Publish&Media Co.,Ltd (603999.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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