DDM Analysis: 300980.SZ

Valuation Snapshot

Stable Growth	$6.55 - $14.06	$9.34
Multi-Stage	$4.99 - $5.44	$5.21
Blended Fair Value	$7.27
Current Price	$27.46
Upside	-73.52%
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	21.08%	26.02%	0.26	0.14	0.17	0.01	0.09	0.10	0.02	0.07	0.01	0.04
YoY Growth	-	-	84.51%	-18.10%	1,114.63%	-83.37%	-14.71%	411.63%	-70.34%	449.48%	-70.31%	56.81%
Dividend Yield	-	-	1.07%	0.73%	0.82%	0.06%	0.23%	0.27%	0.00%	0.18%	0.03%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.33
(-) Cash Dividends Paid (M)	24.72
(=) Cash Retained (M)	20.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.07	5.67	3.40
Cash Retained (M)	20.60	20.60	20.60
(-) Cash Required (M)	-9.07	-5.67	-3.40
(=) Excess Retained (M)	11.54	14.94	17.20
(/) Shares Outstanding (M)	131.96	131.96	131.96
(=) Excess Retained per Share	0.09	0.11	0.13
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.09	0.11	0.13
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.55	$9.34	$14.06
Upside / Downside	-76.16%	-66.00%	-48.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.33	48.27	51.41	54.75	58.31	62.10	63.96
Payout Ratio	54.54%	61.63%	68.73%	75.82%	82.91%	90.00%	92.50%
Projected Dividends (M)	24.72	29.75	35.33	41.51	48.34	55.89	59.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	26.81	27.06	27.32
Year 2 PV (M)	28.69	29.24	29.79
Year 3 PV (M)	30.38	31.25	32.14
Year 4 PV (M)	31.88	33.11	34.37
Year 5 PV (M)	33.21	34.82	36.48
PV of Terminal Value (M)	507.43	531.94	557.39
Equity Value (M)	658.40	687.41	717.48
Shares Outstanding (M)	131.96	131.96	131.96
Fair Value	$4.99	$5.21	$5.44
Upside / Downside	-81.83%	-81.03%	-80.20%

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Hubei Xiangyuan New Material Technology Inc. (300980.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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