DDM Analysis: 600259.SS

Valuation Snapshot

Stable Growth	$4.02 - $6.94	$5.28
Multi-Stage	$4.81 - $5.27	$5.04
Blended Fair Value	$5.16
Current Price	$57.74
Upside	-91.07%
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	4.30%	-0.31%	0.21	0.33	0.26	0.27	0.20	0.17	0.24	0.00	0.34	0.36
YoY Growth	-	-	-37.00%	28.29%	-5.14%	33.15%	20.92%	-30.37%	0.00%	-100.00%	-4.83%	68.00%
Dividend Yield	-	-	0.62%	1.08%	0.64%	0.69%	0.54%	0.61%	0.68%	0.00%	0.79%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.58
(-) Cash Dividends Paid (M)	45.21
(=) Cash Retained (M)	59.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.92	13.07	7.84
Cash Retained (M)	59.37	59.37	59.37
(-) Cash Required (M)	-20.92	-13.07	-7.84
(=) Excess Retained (M)	38.45	46.29	51.52
(/) Shares Outstanding (M)	337.04	337.04	337.04
(=) Excess Retained per Share	0.11	0.14	0.15
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.11	0.14	0.15
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	2.30%	3.30%	4.30%
Fair Value	$4.02	$5.28	$6.94
Upside / Downside	-93.04%	-90.86%	-87.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.58	108.03	111.60	115.29	119.09	123.03	126.72
Payout Ratio	43.23%	52.59%	61.94%	71.29%	80.65%	90.00%	92.50%
Projected Dividends (M)	45.21	56.81	69.13	82.19	96.04	110.72	117.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	2.30%	3.30%	4.30%
Year 1 PV (M)	51.80	52.30	52.81
Year 2 PV (M)	57.46	58.59	59.73
Year 3 PV (M)	62.30	64.14	66.02
Year 4 PV (M)	66.37	69.00	71.72
Year 5 PV (M)	69.76	73.24	76.85
PV of Terminal Value (M)	1,314.73	1,380.26	1,448.37
Equity Value (M)	1,622.42	1,697.54	1,775.50
Shares Outstanding (M)	337.04	337.04	337.04
Fair Value	$4.81	$5.04	$5.27
Upside / Downside	-91.66%	-91.28%	-90.88%

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Rising Nonferrous Metals Share Co.,Ltd. (600259.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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