DDM Analysis: 688077.SS

Valuation Snapshot

Stable Growth	$30.90 - $84.28	$78.99
Multi-Stage	$12.22 - $13.36	$12.78
Blended Fair Value	$45.88
Current Price	$34.77
Upside	31.96%
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	22.01%	13.26%	0.40	0.69	0.71	0.31	0.14	0.15	0.14	0.12	0.09	0.13
YoY Growth	-	-	-42.31%	-3.39%	126.06%	132.39%	-7.63%	1.75%	15.95%	40.87%	-31.77%	13.21%
Dividend Yield	-	-	1.71%	4.01%	2.17%	0.53%	0.49%	0.34%	0.33%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.62
(-) Cash Dividends Paid (M)	37.70
(=) Cash Retained (M)	8.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.32	5.83	3.50
Cash Retained (M)	8.92	8.92	8.92
(-) Cash Required (M)	-9.32	-5.83	-3.50
(=) Excess Retained (M)	-0.40	3.09	5.42
(/) Shares Outstanding (M)	110.00	110.00	110.00
(=) Excess Retained per Share	0.00	0.03	0.05
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.00	0.03	0.05
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.90	$78.99	$84.28
Upside / Downside	-11.13%	127.17%	142.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.62	49.65	52.88	56.31	59.97	63.87	65.79
Payout Ratio	80.86%	82.69%	84.52%	86.35%	88.17%	90.00%	92.50%
Projected Dividends (M)	37.70	41.05	44.69	48.62	52.88	57.48	60.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.13	38.49	38.85
Year 2 PV (M)	38.55	39.28	40.03
Year 3 PV (M)	38.96	40.07	41.21
Year 4 PV (M)	39.35	40.86	42.42
Year 5 PV (M)	39.73	41.65	43.64
PV of Terminal Value (M)	1,149.86	1,205.40	1,263.07
Equity Value (M)	1,344.58	1,405.76	1,469.22
Shares Outstanding (M)	110.00	110.00	110.00
Fair Value	$12.22	$12.78	$13.36
Upside / Downside	-64.85%	-63.25%	-61.59%

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Earth-Panda Advanced Magnetic Material Co.,Ltd. (688077.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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