DDM Analysis: 688116.SS

Valuation Snapshot

Stable Growth	$125.99 - $148.44	$139.11
Multi-Stage	$94.07 - $103.24	$98.57
Blended Fair Value	$118.84
Current Price	$68.86
Upside	72.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	92.08%	0.00%	0.35	0.06	0.05	0.05	0.09	0.01	0.01	0.00	0.00	0.00
YoY Growth	-	-	466.38%	37.07%	-1.27%	-51.05%	596.83%	125.90%	27.36%	1,259.35%	0.00%	0.00%
Dividend Yield	-	-	0.82%	0.27%	0.10%	0.05%	0.27%	0.06%	0.02%	0.01%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	263.68
(-) Cash Dividends Paid (M)	73.03
(=) Cash Retained (M)	190.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.74	32.96	19.78
Cash Retained (M)	190.65	190.65	190.65
(-) Cash Required (M)	-52.74	-32.96	-19.78
(=) Excess Retained (M)	137.92	157.69	170.88
(/) Shares Outstanding (M)	353.27	353.27	353.27
(=) Excess Retained per Share	0.39	0.45	0.48
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.39	0.45	0.48
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	0.38%	0.38%	0.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.99	$139.11	$148.44
Upside / Downside	82.97%	102.02%	115.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	263.68	280.82	299.07	318.51	339.22	361.27	372.10
Payout Ratio	27.70%	40.16%	52.62%	65.08%	77.54%	90.00%	92.50%
Projected Dividends (M)	73.03	112.77	157.36	207.28	263.03	325.14	344.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.38%	0.38%	0.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.28	112.34	113.39
Year 2 PV (M)	153.25	156.17	159.12
Year 3 PV (M)	199.21	204.93	210.76
Year 4 PV (M)	249.46	259.05	268.92
Year 5 PV (M)	304.31	319.01	334.27
PV of Terminal Value (M)	32,214.79	33,770.77	35,386.31
Equity Value (M)	33,232.30	34,822.27	36,472.77
Shares Outstanding (M)	353.27	353.27	353.27
Fair Value	$94.07	$98.57	$103.24
Upside / Downside	36.61%	43.15%	49.93%

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Jiangsu Cnano Technology Co., Ltd. (688116.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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