DDM Analysis: 600456.SS

Valuation Snapshot

Stable Growth	$17.55 - $48.33	$27.15
Multi-Stage	$11.76 - $12.86	$12.30
Blended Fair Value	$19.72
Current Price	$32.53
Upside	-39.37%
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	4.60%	5.19%	0.47	0.58	1.09	1.26	0.41	0.38	0.27	0.31	0.30	0.32
YoY Growth	-	-	-19.51%	-46.33%	-13.85%	207.08%	9.59%	37.12%	-10.34%	1.96%	-6.38%	12.91%
Dividend Yield	-	-	1.42%	2.18%	3.05%	2.43%	1.06%	1.63%	1.07%	1.52%	1.28%	1.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	347.42
(-) Cash Dividends Paid (M)	51.30
(=) Cash Retained (M)	296.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.48	43.43	26.06
Cash Retained (M)	296.11	296.11	296.11
(-) Cash Required (M)	-69.48	-43.43	-26.06
(=) Excess Retained (M)	226.63	252.69	270.06
(/) Shares Outstanding (M)	477.75	477.75	477.75
(=) Excess Retained per Share	0.47	0.53	0.57
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.47	0.53	0.57
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.55	$27.15	$48.33
Upside / Downside	-46.04%	-16.55%	48.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	347.42	370.00	394.05	419.66	446.94	475.99	490.27
Payout Ratio	14.77%	29.81%	44.86%	59.91%	74.95%	90.00%	92.50%
Projected Dividends (M)	51.30	110.31	176.77	251.41	335.00	428.39	453.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	100.26	101.21	102.16
Year 2 PV (M)	146.01	148.80	151.60
Year 3 PV (M)	188.73	194.15	199.67
Year 4 PV (M)	228.56	237.35	246.39
Year 5 PV (M)	265.64	278.47	291.80
PV of Terminal Value (M)	4,689.79	4,916.31	5,151.49
Equity Value (M)	5,619.00	5,876.29	6,143.12
Shares Outstanding (M)	477.75	477.75	477.75
Fair Value	$11.76	$12.30	$12.86
Upside / Downside	-63.84%	-62.19%	-60.47%

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Baoji Titanium Industry Co., Ltd. (600456.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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