DDM Analysis: 300421.SZ

Valuation Snapshot

Stable Growth	$7.11 - $37.98	$14.05
Multi-Stage	$4.19 - $4.58	$4.38
Blended Fair Value	$9.21
Current Price	$19.03
Upside	-51.58%
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	-5.95%	10.62%	0.14	0.35	0.14	0.10	0.09	0.19	0.28	0.20	0.14	0.21
YoY Growth	-	-	-60.74%	143.38%	46.12%	9.17%	-51.74%	-32.57%	41.97%	42.63%	-33.32%	309.39%
Dividend Yield	-	-	0.76%	3.82%	1.46%	1.05%	0.97%	3.94%	3.37%	2.45%	1.01%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.16
(-) Cash Dividends Paid (M)	37.29
(=) Cash Retained (M)	18.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.23	7.02	4.21
Cash Retained (M)	18.87	18.87	18.87
(-) Cash Required (M)	-11.23	-7.02	-4.21
(=) Excess Retained (M)	7.64	11.85	14.66
(/) Shares Outstanding (M)	293.96	293.96	293.96
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	7.71%	7.71%	7.71%
Growth Rate	5.45%	6.45%	7.45%
Fair Value	$7.11	$14.05	$37.98
Upside / Downside	-62.64%	-26.19%	99.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.16	59.78	63.64	67.74	72.11	76.76	79.06
Payout Ratio	66.39%	71.11%	75.84%	80.56%	85.28%	90.00%	92.50%
Projected Dividends (M)	37.29	42.51	48.26	54.57	61.49	69.08	73.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.71%	7.71%	7.71%
Growth Rate	5.45%	6.45%	7.45%
Year 1 PV (M)	39.10	39.47	39.84
Year 2 PV (M)	40.82	41.59	42.38
Year 3 PV (M)	42.45	43.66	44.91
Year 4 PV (M)	43.99	45.68	47.42
Year 5 PV (M)	45.45	47.64	49.92
PV of Terminal Value (M)	1,020.43	1,069.74	1,120.94
Equity Value (M)	1,232.22	1,287.79	1,345.41
Shares Outstanding (M)	293.96	293.96	293.96
Fair Value	$4.19	$4.38	$4.58
Upside / Downside	-77.97%	-76.98%	-75.95%

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Jiangsu LiXing General Steel Ball Co.,Ltd. (300421.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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