DDM Analysis: 300661.SZ

Valuation Snapshot

Stable Growth	$21.04 - $45.75	$30.13
Multi-Stage	$15.20 - $16.60	$15.89
Blended Fair Value	$23.01
Current Price	$83.29
Upside	-72.37%
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	11.08%	2.72%	0.09	0.21	0.23	0.15	0.10	0.05	0.06	0.00	0.09	0.08
YoY Growth	-	-	-56.35%	-9.17%	51.74%	51.03%	86.15%	-8.55%	146,670.75%	-99.95%	12.37%	11.24%
Dividend Yield	-	-	0.14%	0.32%	0.19%	0.09%	0.13%	0.09%	0.36%	0.00%	1.51%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	558.58
(-) Cash Dividends Paid (M)	91.58
(=) Cash Retained (M)	467.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	111.72	69.82	41.89
Cash Retained (M)	467.01	467.01	467.01
(-) Cash Required (M)	-111.72	-69.82	-41.89
(=) Excess Retained (M)	355.29	397.18	425.11
(/) Shares Outstanding (M)	513.25	513.25	513.25
(=) Excess Retained per Share	0.69	0.77	0.83
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.69	0.77	0.83
(=) Adjusted Dividend	0.87	0.95	1.01
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.04	$30.13	$45.75
Upside / Downside	-74.74%	-63.82%	-45.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	558.58	594.89	633.56	674.74	718.60	765.30	788.26
Payout Ratio	16.39%	31.12%	45.84%	60.56%	75.28%	90.00%	92.50%
Projected Dividends (M)	91.58	185.10	290.40	408.61	540.95	688.77	729.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.90	168.48	170.06
Year 2 PV (M)	236.09	240.59	245.13
Year 3 PV (M)	299.52	308.12	316.88
Year 4 PV (M)	357.54	371.29	385.43
Year 5 PV (M)	410.47	430.29	450.88
PV of Terminal Value (M)	6,328.94	6,634.64	6,952.02
Equity Value (M)	7,799.46	8,153.40	8,520.40
Shares Outstanding (M)	513.25	513.25	513.25
Fair Value	$15.20	$15.89	$16.60
Upside / Downside	-81.75%	-80.93%	-80.07%

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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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SG Micro Corp (300661.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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