DDM Analysis: 300174.SZ

Valuation Snapshot

Stable Growth	$83.26 - $135.32	$126.82
Multi-Stage	$21.70 - $23.77	$22.72
Blended Fair Value	$74.77
Current Price	$16.65
Upside	349.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.11%	6.43%	0.12	0.07	0.09	0.09	0.05	0.07	0.10	0.11	0.09	0.07
YoY Growth	-	-	63.84%	-14.80%	0.23%	77.62%	-34.86%	-23.77%	-13.21%	19.63%	30.74%	11.31%
Dividend Yield	-	-	0.77%	0.46%	0.51%	0.64%	0.30%	0.47%	0.52%	0.37%	0.30%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	245.01
(-) Cash Dividends Paid (M)	42.43
(=) Cash Retained (M)	202.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.00	30.63	18.38
Cash Retained (M)	202.59	202.59	202.59
(-) Cash Required (M)	-49.00	-30.63	-18.38
(=) Excess Retained (M)	153.58	171.96	184.21
(/) Shares Outstanding (M)	360.08	360.08	360.08
(=) Excess Retained per Share	0.43	0.48	0.51
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.43	0.48	0.51
(=) Adjusted Dividend	0.54	0.60	0.63
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$83.26	$126.82	$135.32
Upside / Downside	400.07%	661.65%	712.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	245.01	260.94	277.90	295.96	315.20	335.69	345.76
Payout Ratio	17.32%	31.85%	46.39%	60.93%	75.46%	90.00%	92.50%
Projected Dividends (M)	42.43	83.11	128.91	180.32	237.86	302.12	319.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.54	78.27	79.01
Year 2 PV (M)	112.19	114.32	116.48
Year 3 PV (M)	146.39	150.59	154.87
Year 4 PV (M)	180.14	187.06	194.19
Year 5 PV (M)	213.44	223.75	234.45
PV of Terminal Value (M)	7,083.70	7,425.85	7,781.09
Equity Value (M)	7,813.39	8,179.84	8,560.09
Shares Outstanding (M)	360.08	360.08	360.08
Fair Value	$21.70	$22.72	$23.77
Upside / Downside	30.32%	36.44%	42.78%

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Fujian Yuanli Active Carbon Co.,Ltd. (300174.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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