DDM Analysis: 301156.SZ

Valuation Snapshot

Stable Growth	$43.34 - $82.70	$77.51
Multi-Stage	$13.21 - $14.45	$13.82
Blended Fair Value	$45.66
Current Price	$17.66
Upside	158.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	31.40%	0.00%	0.43	0.34	0.02	0.02	0.21	0.11	0.13	0.00	0.00	0.00
YoY Growth	-	-	26.79%	1,459.71%	41.71%	-92.86%	95.70%	-16.70%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.07%	2.83%	0.16%	0.08%	1.13%	0.58%	0.69%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	58.89
(-) Cash Dividends Paid (M)	43.18
(=) Cash Retained (M)	15.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.78	7.36	4.42
Cash Retained (M)	15.70	15.70	15.70
(-) Cash Required (M)	-11.78	-7.36	-4.42
(=) Excess Retained (M)	3.93	8.34	11.29
(/) Shares Outstanding (M)	141.61	141.61	141.61
(=) Excess Retained per Share	0.03	0.06	0.08
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.03	0.06	0.08
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.34	$77.51	$82.70
Upside / Downside	145.42%	338.88%	368.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	58.89	62.72	66.79	71.14	75.76	80.68	83.10
Payout Ratio	73.33%	76.67%	80.00%	83.33%	86.67%	90.00%	92.50%
Projected Dividends (M)	43.18	48.08	53.43	59.28	65.66	72.61	76.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	44.80	45.23	45.65
Year 2 PV (M)	46.40	47.28	48.17
Year 3 PV (M)	47.96	49.34	50.74
Year 4 PV (M)	49.50	51.40	53.36
Year 5 PV (M)	51.01	53.48	56.03
PV of Terminal Value (M)	1,631.55	1,710.36	1,792.18
Equity Value (M)	1,871.22	1,957.08	2,046.14
Shares Outstanding (M)	141.61	141.61	141.61
Fair Value	$13.21	$13.82	$14.45
Upside / Downside	-25.17%	-21.74%	-18.18%

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Shanghai Menon Animal Nutrition Technology Co., Ltd. (301156.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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