DDM Analysis: 002985.SZ

Valuation Snapshot

Stable Growth	$1.27 - $1.82	$1.54
Multi-Stage	$2.05 - $2.25	$2.15
Blended Fair Value	$1.84
Current Price	$29.21
Upside	-93.69%
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	0.00%	0.00%	0.42	0.00	0.15	0.14	0.45	0.00	0.03	0.17	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	11.39%	-69.54%	0.00%	-100.00%	-80.53%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.66%	0.00%	0.33%	0.25%	0.68%	0.00%	0.22%	1.15%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.44
(-) Cash Dividends Paid (M)	21.42
(=) Cash Retained (M)	39.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.09	7.56	4.53
Cash Retained (M)	39.02	39.02	39.02
(-) Cash Required (M)	-12.09	-7.56	-4.53
(=) Excess Retained (M)	26.93	31.46	34.49
(/) Shares Outstanding (M)	332.40	332.40	332.40
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.27	$1.54	$1.82
Upside / Downside	-95.66%	-94.73%	-93.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.44	59.84	59.24	58.65	58.06	57.48	59.21
Payout Ratio	35.45%	46.36%	57.27%	68.18%	79.09%	90.00%	92.50%
Projected Dividends (M)	21.42	27.74	33.93	39.99	45.92	51.73	54.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	25.14	25.39	25.65
Year 2 PV (M)	27.86	28.43	29.01
Year 3 PV (M)	29.75	30.68	31.61
Year 4 PV (M)	30.97	32.25	33.57
Year 5 PV (M)	31.61	33.26	34.97
PV of Terminal Value (M)	536.54	564.47	593.57
Equity Value (M)	681.87	714.48	748.38
Shares Outstanding (M)	332.40	332.40	332.40
Fair Value	$2.05	$2.15	$2.25
Upside / Downside	-92.98%	-92.64%	-92.29%

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Beijing Beimo High-tech Frictional Material Co.,Ltd (002985.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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