DDM Analysis: 603238.SS

Valuation Snapshot

Stable Growth	$69.21 - $136.15	$127.59
Multi-Stage	$21.25 - $23.25	$22.23
Blended Fair Value	$74.91
Current Price	$19.00
Upside	294.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.13%	0.00%	0.30	0.10	0.08	0.40	0.35	0.12	0.07	0.08	0.02	0.04
YoY Growth	-	-	195.24%	33.27%	-81.13%	14.97%	181.01%	84.98%	-18.01%	368.63%	-50.64%	0.00%
Dividend Yield	-	-	1.97%	0.86%	0.65%	3.43%	1.93%	0.76%	0.50%	0.55%	0.06%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.81
(-) Cash Dividends Paid (M)	58.53
(=) Cash Retained (M)	63.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.36	15.23	9.14
Cash Retained (M)	63.28	63.28	63.28
(-) Cash Required (M)	-24.36	-15.23	-9.14
(=) Excess Retained (M)	38.92	48.05	54.14
(/) Shares Outstanding (M)	177.92	177.92	177.92
(=) Excess Retained per Share	0.22	0.27	0.30
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.22	0.27	0.30
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$69.21	$127.59	$136.15
Upside / Downside	264.25%	571.54%	616.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.81	129.72	138.16	147.14	156.70	166.89	171.89
Payout Ratio	48.05%	56.44%	64.83%	73.22%	81.61%	90.00%	92.50%
Projected Dividends (M)	58.53	73.22	89.57	107.73	127.88	150.20	159.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	68.21	68.85	69.50
Year 2 PV (M)	77.73	79.21	80.71
Year 3 PV (M)	87.10	89.60	92.15
Year 4 PV (M)	96.32	100.03	103.84
Year 5 PV (M)	105.39	110.48	115.77
PV of Terminal Value (M)	3,345.45	3,507.04	3,674.81
Equity Value (M)	3,780.20	3,955.21	4,136.77
Shares Outstanding (M)	177.92	177.92	177.92
Fair Value	$21.25	$22.23	$23.25
Upside / Downside	11.82%	17.00%	22.37%

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HangZhou Nbond Nonwovens Co., Ltd. (603238.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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