DDM Analysis: 688501.SS

Valuation Snapshot

Stable Growth	$251.02 - $295.74	$277.15
Multi-Stage	$170.93 - $187.62	$179.12
Blended Fair Value	$228.13
Current Price	$28.50
Upside	700.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	42.49%	0.00%	0.39	0.18	0.23	0.09	0.09	0.07	0.06	0.06	0.00	0.00
YoY Growth	-	-	114.05%	-22.41%	156.39%	0.56%	37.19%	4.44%	-1.28%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	1.10%	1.31%	0.69%	0.47%	0.34%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	183.31
(-) Cash Dividends Paid (M)	15.87
(=) Cash Retained (M)	167.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.66	22.91	13.75
Cash Retained (M)	167.44	167.44	167.44
(-) Cash Required (M)	-36.66	-22.91	-13.75
(=) Excess Retained (M)	130.78	144.52	153.69
(/) Shares Outstanding (M)	123.27	123.27	123.27
(=) Excess Retained per Share	1.06	1.17	1.25
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	1.06	1.17	1.25
(=) Adjusted Dividend	1.19	1.30	1.38
WACC / Discount Rate	2.19%	2.19%	2.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$251.02	$277.15	$295.74
Upside / Downside	780.76%	872.46%	937.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	183.31	195.22	207.91	221.42	235.82	251.14	258.68
Payout Ratio	8.66%	24.93%	41.19%	57.46%	73.73%	90.00%	92.50%
Projected Dividends (M)	15.87	48.66	85.65	127.24	173.87	226.03	239.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.19%	2.19%	2.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.17	47.61	48.06
Year 2 PV (M)	80.48	82.01	83.56
Year 3 PV (M)	115.89	119.22	122.61
Year 4 PV (M)	153.52	159.42	165.49
Year 5 PV (M)	193.45	202.80	212.50
PV of Terminal Value (M)	20,479.15	21,468.30	22,495.31
Equity Value (M)	21,069.66	22,079.36	23,127.53
Shares Outstanding (M)	123.27	123.27	123.27
Fair Value	$170.93	$179.12	$187.62
Upside / Downside	499.74%	528.48%	558.32%

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Qingdao Daneng Environmental Protection Equipment Co., Ltd. (688501.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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