DDM Analysis: 300618.SZ

Valuation Snapshot

Stable Growth	$16.32 - $34.16	$23.06
Multi-Stage	$12.13 - $13.24	$12.68
Blended Fair Value	$17.87
Current Price	$56.08
Upside	-68.14%
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	-18.31%	13.13%	0.25	0.27	0.65	0.31	0.10	0.69	0.49	0.02	0.05	0.06
YoY Growth	-	-	-4.89%	-59.34%	111.14%	217.08%	-85.94%	41.33%	2,071.05%	-55.46%	-17.82%	-15.97%
Dividend Yield	-	-	0.70%	0.92%	1.55%	0.49%	0.15%	1.51%	0.79%	0.02%	0.11%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	272.78
(-) Cash Dividends Paid (M)	75.28
(=) Cash Retained (M)	197.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.56	34.10	20.46
Cash Retained (M)	197.50	197.50	197.50
(-) Cash Required (M)	-54.56	-34.10	-20.46
(=) Excess Retained (M)	142.94	163.40	177.04
(/) Shares Outstanding (M)	308.24	308.24	308.24
(=) Excess Retained per Share	0.46	0.53	0.57
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.46	0.53	0.57
(=) Adjusted Dividend	0.71	0.77	0.82
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.32	$23.06	$34.16
Upside / Downside	-70.90%	-58.88%	-39.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	272.78	290.51	309.40	329.51	350.93	373.74	384.95
Payout Ratio	27.60%	40.08%	52.56%	65.04%	77.52%	90.00%	92.50%
Projected Dividends (M)	75.28	116.43	162.62	214.31	272.04	336.36	356.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.78	105.78	106.77
Year 2 PV (M)	131.70	134.21	136.74
Year 3 PV (M)	156.20	160.68	165.25
Year 4 PV (M)	178.43	185.29	192.35
Year 5 PV (M)	198.54	208.13	218.09
PV of Terminal Value (M)	2,970.30	3,113.77	3,262.72
Equity Value (M)	3,739.95	3,907.85	4,081.92
Shares Outstanding (M)	308.24	308.24	308.24
Fair Value	$12.13	$12.68	$13.24
Upside / Downside	-78.36%	-77.39%	-76.39%

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Nanjing Hanrui Cobalt Co.,Ltd. (300618.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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