DDM Analysis: 600182.SS

Valuation Snapshot

Stable Growth	$33.41 - $81.69	$76.55
Multi-Stage	$12.33 - $13.47	$12.89
Blended Fair Value	$44.72
Current Price	$15.42
Upside	190.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.21%	-1.71%	0.34	0.04	0.11	0.15	0.21	0.20	0.23	0.52	1.01	0.66
YoY Growth	-	-	879.11%	-67.38%	-27.26%	-28.27%	2.08%	-11.47%	-56.09%	-48.49%	53.53%	60.88%
Dividend Yield	-	-	2.22%	0.25%	0.81%	1.13%	1.42%	1.55%	1.29%	2.01%	3.57%	3.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	139.62
(-) Cash Dividends Paid (M)	125.62
(=) Cash Retained (M)	14.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.92	17.45	10.47
Cash Retained (M)	14.00	14.00	14.00
(-) Cash Required (M)	-27.92	-17.45	-10.47
(=) Excess Retained (M)	-13.92	-3.45	3.53
(/) Shares Outstanding (M)	339.93	339.93	339.93
(=) Excess Retained per Share	-0.04	-0.01	0.01
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	-0.04	-0.01	0.01
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.41	$76.55	$81.69
Upside / Downside	116.66%	396.44%	429.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	139.62	148.70	158.36	168.66	179.62	191.30	197.03
Payout Ratio	89.97%	89.98%	89.98%	89.99%	89.99%	90.00%	92.50%
Projected Dividends (M)	125.62	133.79	142.50	151.77	161.65	172.17	182.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	124.40	125.58	126.76
Year 2 PV (M)	123.20	125.55	127.92
Year 3 PV (M)	122.01	125.51	129.08
Year 4 PV (M)	120.83	125.48	130.25
Year 5 PV (M)	119.66	125.44	131.44
PV of Terminal Value (M)	3,580.76	3,753.71	3,933.28
Equity Value (M)	4,190.86	4,381.26	4,578.73
Shares Outstanding (M)	339.93	339.93	339.93
Fair Value	$12.33	$12.89	$13.47
Upside / Downside	-20.05%	-16.42%	-12.65%

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Giti Tire Corporation (600182.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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