DDM Analysis: 688379.SS

Valuation Snapshot

Stable Growth	$312.29 - $367.93	$344.81
Multi-Stage	$91.72 - $100.55	$96.06
Blended Fair Value	$220.43
Current Price	$55.16
Upside	299.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.85%	9.13%	0.46	0.27	0.36	0.36	0.12	0.10	0.32	0.10	0.09	0.15
YoY Growth	-	-	71.47%	-23.94%	-1.69%	214.39%	19.04%	-70.01%	222.45%	8.61%	-37.78%	-23.64%
Dividend Yield	-	-	1.85%	1.66%	1.85%	2.00%	0.55%	0.19%	0.64%	0.00%	0.18%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	159.87
(-) Cash Dividends Paid (M)	46.95
(=) Cash Retained (M)	112.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.97	19.98	11.99
Cash Retained (M)	112.92	112.92	112.92
(-) Cash Required (M)	-31.97	-19.98	-11.99
(=) Excess Retained (M)	80.95	92.94	100.93
(/) Shares Outstanding (M)	86.41	86.41	86.41
(=) Excess Retained per Share	0.94	1.08	1.17
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.94	1.08	1.17
(=) Adjusted Dividend	1.48	1.62	1.71
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$312.29	$344.81	$367.93
Upside / Downside	466.16%	525.10%	567.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	159.87	170.26	181.33	193.12	205.67	219.04	225.61
Payout Ratio	29.37%	41.49%	53.62%	65.75%	77.87%	90.00%	92.50%
Projected Dividends (M)	46.95	70.65	97.23	126.97	160.16	197.13	208.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66.59	67.22	67.85
Year 2 PV (M)	86.38	88.02	89.68
Year 3 PV (M)	106.31	109.37	112.48
Year 4 PV (M)	126.40	131.27	136.27
Year 5 PV (M)	146.65	153.73	161.08
PV of Terminal Value (M)	7,393.74	7,750.86	8,121.65
Equity Value (M)	7,926.07	8,300.46	8,689.00
Shares Outstanding (M)	86.41	86.41	86.41
Fair Value	$91.72	$96.06	$100.55
Upside / Downside	66.29%	74.14%	82.29%

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Hangzhou Huaguang Advanced Welding Materials Co., Ltd. (688379.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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