DDM Analysis: 300239.SZ

Valuation Snapshot

Stable Growth	$18.34 - $21.60	$20.25
Multi-Stage	$4.81 - $5.27	$5.04
Blended Fair Value	$12.64
Current Price	$5.41
Upside	133.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.11%	0.00%	0.03	0.02	0.01	0.01	0.02	0.03	0.02	0.02	0.01	0.01
YoY Growth	-	-	2.43%	333.33%	-37.85%	-63.46%	-0.24%	13.70%	20.00%	66.67%	74.97%	-75.00%
Dividend Yield	-	-	0.48%	0.47%	0.09%	0.14%	0.44%	0.51%	0.44%	0.33%	0.14%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.16
(-) Cash Dividends Paid (M)	15.42
(=) Cash Retained (M)	52.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.63	8.52	5.11
Cash Retained (M)	52.74	52.74	52.74
(-) Cash Required (M)	-13.63	-8.52	-5.11
(=) Excess Retained (M)	39.11	44.22	47.63
(/) Shares Outstanding (M)	627.41	627.41	627.41
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.34	$20.25	$21.60
Upside / Downside	238.96%	274.25%	299.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.16	72.59	77.31	82.33	87.68	93.38	96.18
Payout Ratio	22.62%	36.10%	49.57%	63.05%	76.52%	90.00%	92.50%
Projected Dividends (M)	15.42	26.20	38.32	51.91	67.10	84.04	88.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24.64	24.88	25.11
Year 2 PV (M)	33.90	34.54	35.19
Year 3 PV (M)	43.18	44.41	45.68
Year 4 PV (M)	52.48	54.50	56.58
Year 5 PV (M)	61.82	64.81	67.91
PV of Terminal Value (M)	2,801.96	2,937.29	3,077.81
Equity Value (M)	3,017.98	3,160.43	3,308.27
Shares Outstanding (M)	627.41	627.41	627.41
Fair Value	$4.81	$5.04	$5.27
Upside / Downside	-11.09%	-6.89%	-2.53%

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Baotou Dongbao Bio-Tech Co.,Ltd (300239.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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