DDM Analysis: 605080.SS

Valuation Snapshot

Stable Growth	$27.28 - $57.86	$38.73
Multi-Stage	$19.46 - $21.28	$20.35
Blended Fair Value	$29.54
Current Price	$25.63
Upside	15.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	56.41%	0.00%	0.11	0.16	0.32	0.00	0.02	0.01	0.45	0.59	0.15	0.00
YoY Growth	-	-	-34.40%	-49.85%	48,698.55%	-95.87%	41.29%	-97.46%	-24.12%	282.06%	0.00%	0.00%
Dividend Yield	-	-	0.33%	0.85%	0.97%	0.00%	0.05%	0.04%	1.39%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	204.77
(-) Cash Dividends Paid (M)	2.01
(=) Cash Retained (M)	202.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.95	25.60	15.36
Cash Retained (M)	202.76	202.76	202.76
(-) Cash Required (M)	-40.95	-25.60	-15.36
(=) Excess Retained (M)	161.81	177.16	187.40
(/) Shares Outstanding (M)	140.85	140.85	140.85
(=) Excess Retained per Share	1.15	1.26	1.33
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	1.15	1.26	1.33
(=) Adjusted Dividend	1.16	1.27	1.34
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.28	$38.73	$57.86
Upside / Downside	6.43%	51.10%	125.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	204.77	218.08	232.25	247.35	263.42	280.55	288.96
Payout Ratio	0.98%	18.78%	36.59%	54.39%	72.20%	90.00%	92.50%
Projected Dividends (M)	2.01	40.96	84.98	134.54	190.18	252.49	267.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.89	37.24	37.59
Year 2 PV (M)	68.92	70.23	71.55
Year 3 PV (M)	98.26	101.08	103.96
Year 4 PV (M)	125.09	129.90	134.85
Year 5 PV (M)	149.57	156.79	164.29
PV of Terminal Value (M)	2,262.44	2,371.72	2,485.18
Equity Value (M)	2,741.17	2,866.97	2,997.42
Shares Outstanding (M)	140.85	140.85	140.85
Fair Value	$19.46	$20.35	$21.28
Upside / Downside	-24.07%	-20.58%	-16.97%

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Zhejiang Natural Outdoor Goods Inc. (605080.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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