DDM Analysis: 301665.SZ

Valuation Snapshot

Stable Growth	$10.64 - $16.59	$13.38
Multi-Stage	$25.26 - $27.82	$26.52
Blended Fair Value	$19.95
Current Price	$29.19
Upside	-31.66%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.16	0.17	0.90	0.11	0.82	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-7.80%	-80.89%	686.86%	-86.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.40%	0.43%	2.25%	0.29%	2.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	466.80
(-) Cash Dividends Paid (M)	215.58
(=) Cash Retained (M)	251.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.36	58.35	35.01
Cash Retained (M)	251.22	251.22	251.22
(-) Cash Required (M)	-93.36	-58.35	-35.01
(=) Excess Retained (M)	157.86	192.87	216.21
(/) Shares Outstanding (M)	419.41	419.41	419.41
(=) Excess Retained per Share	0.38	0.46	0.52
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.38	0.46	0.52
(=) Adjusted Dividend	0.89	0.97	1.03
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.64	$13.38	$16.59
Upside / Downside	-63.57%	-54.16%	-43.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	466.80	462.13	457.51	452.94	448.41	443.92	457.24
Payout Ratio	46.18%	54.95%	63.71%	72.47%	81.24%	90.00%	92.50%
Projected Dividends (M)	215.58	253.92	291.48	328.26	364.27	399.53	422.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	236.67	239.09	241.50
Year 2 PV (M)	253.22	258.42	263.66
Year 3 PV (M)	265.80	274.02	282.41
Year 4 PV (M)	274.92	286.32	298.06
Year 5 PV (M)	281.05	295.69	310.92
PV of Terminal Value (M)	9,283.69	9,767.11	10,270.46
Equity Value (M)	10,595.36	11,120.64	11,667.02
Shares Outstanding (M)	419.41	419.41	419.41
Fair Value	$25.26	$26.52	$27.82
Upside / Downside	-13.45%	-9.16%	-4.70%

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CAC Nantong Chemical Co Ltd (301665.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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