DDM Analysis: 300731.SZ

Valuation Snapshot

Stable Growth	$7.03 - $21.98	$11.28
Multi-Stage	$4.80 - $5.24	$5.02
Blended Fair Value	$8.15
Current Price	$44.26
Upside	-81.59%
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	8.18%	1.72%	0.13	0.17	0.06	0.15	0.12	0.09	0.25	0.16	0.20	0.13
YoY Growth	-	-	-21.28%	165.73%	-58.44%	25.41%	35.87%	-63.96%	55.56%	-20.00%	56.25%	14.29%
Dividend Yield	-	-	0.49%	0.96%	0.34%	0.74%	0.47%	0.29%	1.16%	0.62%	1.46%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.64
(-) Cash Dividends Paid (M)	20.89
(=) Cash Retained (M)	12.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.73	4.20	2.52
Cash Retained (M)	12.75	12.75	12.75
(-) Cash Required (M)	-6.73	-4.20	-2.52
(=) Excess Retained (M)	6.02	8.54	10.23
(/) Shares Outstanding (M)	125.76	125.76	125.76
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	8.71%	8.71%	8.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.03	$11.28	$21.98
Upside / Downside	-84.11%	-74.52%	-50.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.64	35.83	38.16	40.64	43.28	46.09	47.47
Payout Ratio	62.10%	67.68%	73.26%	78.84%	84.42%	90.00%	92.50%
Projected Dividends (M)	20.89	24.25	27.95	32.04	36.53	41.48	43.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.71%	8.71%	8.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22.10	22.31	22.51
Year 2 PV (M)	23.21	23.65	24.10
Year 3 PV (M)	24.24	24.94	25.65
Year 4 PV (M)	25.19	26.16	27.16
Year 5 PV (M)	26.06	27.32	28.63
PV of Terminal Value (M)	483.15	506.49	530.72
Equity Value (M)	603.95	630.86	658.76
Shares Outstanding (M)	125.76	125.76	125.76
Fair Value	$4.80	$5.02	$5.24
Upside / Downside	-89.15%	-88.67%	-88.17%

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Shenzhen Cotran New Material Co.,Ltd. (300731.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener