DDM Analysis: 605555.SS

Valuation Snapshot

Stable Growth	$6.25 - $9.63	$7.82
Multi-Stage	$14.00 - $15.41	$14.69
Blended Fair Value	$11.26
Current Price	$17.03
Upside	-33.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-21.28%	0.00%	0.34	0.33	0.17	0.02	0.12	1.12	0.07	0.05	0.00	0.00
YoY Growth	-	-	1.38%	100.00%	789.04%	-84.36%	-89.28%	1,562.93%	27.14%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.82%	2.25%	1.39%	0.17%	0.73%	6.80%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	271.22
(-) Cash Dividends Paid (M)	133.22
(=) Cash Retained (M)	138.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.24	33.90	20.34
Cash Retained (M)	138.00	138.00	138.00
(-) Cash Required (M)	-54.24	-33.90	-20.34
(=) Excess Retained (M)	83.75	104.10	117.66
(/) Shares Outstanding (M)	398.31	398.31	398.31
(=) Excess Retained per Share	0.21	0.26	0.30
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.21	0.26	0.30
(=) Adjusted Dividend	0.54	0.60	0.63
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.25	$7.82	$9.63
Upside / Downside	-63.29%	-54.06%	-43.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	271.22	268.50	265.82	263.16	260.53	257.92	265.66
Payout Ratio	49.12%	57.30%	65.47%	73.65%	81.82%	90.00%	92.50%
Projected Dividends (M)	133.22	153.84	174.04	193.81	213.17	232.13	245.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	142.94	144.40	145.86
Year 2 PV (M)	150.24	153.33	156.44
Year 3 PV (M)	155.46	160.27	165.17
Year 4 PV (M)	158.88	165.46	172.25
Year 5 PV (M)	160.75	169.12	177.83
PV of Terminal Value (M)	4,807.80	5,058.15	5,318.83
Equity Value (M)	5,576.07	5,850.72	6,136.38
Shares Outstanding (M)	398.31	398.31	398.31
Fair Value	$14.00	$14.69	$15.41
Upside / Downside	-17.80%	-13.75%	-9.54%

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Ningbo Dechang Electrical Machinery Made Co., Ltd. (605555.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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