DDM Analysis: 002166.SZ

Valuation Snapshot

Stable Growth	$18.39 - $35.06	$32.86
Multi-Stage	$5.62 - $6.15	$5.88
Blended Fair Value	$19.37
Current Price	$7.93
Upside	144.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.64%	18.28%	0.25	0.14	0.04	0.07	0.06	0.06	0.04	0.04	0.06	0.03
YoY Growth	-	-	79.10%	276.11%	-48.71%	24.07%	-7.76%	47.43%	17.08%	-33.00%	72.84%	-32.18%
Dividend Yield	-	-	3.24%	1.83%	0.40%	0.55%	0.74%	0.83%	0.58%	0.42%	0.53%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	131.78
(-) Cash Dividends Paid (M)	104.48
(=) Cash Retained (M)	27.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.36	16.47	9.88
Cash Retained (M)	27.30	27.30	27.30
(-) Cash Required (M)	-26.36	-16.47	-9.88
(=) Excess Retained (M)	0.95	10.83	17.42
(/) Shares Outstanding (M)	747.47	747.47	747.47
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.39	$32.86	$35.06
Upside / Downside	131.93%	314.36%	342.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.78	140.35	149.47	159.19	169.53	180.55	185.97
Payout Ratio	79.28%	81.42%	83.57%	85.71%	87.86%	90.00%	92.50%
Projected Dividends (M)	104.48	114.28	124.91	136.44	148.95	162.50	172.02

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)	106.49	107.50	108.50
Year 2 PV (M)	108.46	110.52	112.61
Year 3 PV (M)	110.39	113.56	116.79
Year 4 PV (M)	112.29	116.61	121.05
Year 5 PV (M)	114.16	119.67	125.40
PV of Terminal Value (M)	3,652.10	3,828.50	4,011.65
Equity Value (M)	4,203.89	4,396.37	4,596.01
Shares Outstanding (M)	747.47	747.47	747.47
Fair Value	$5.62	$5.88	$6.15
Upside / Downside	-29.08%	-25.83%	-22.46%

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Guilin Layn Natural Ingredients Corp. (002166.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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