DDM Analysis: 300473.SZ

Valuation Snapshot

Stable Growth	$5.39 - $8.25	$6.72
Multi-Stage	$6.73 - $7.37	$7.04
Blended Fair Value	$6.88
Current Price	$31.26
Upside	-77.98%
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	-7.63%	5.62%	0.46	0.31	0.48	0.54	0.49	0.69	1.06	0.70	0.66	0.25
YoY Growth	-	-	48.81%	-35.02%	-11.82%	9.75%	-28.16%	-34.95%	51.16%	5.63%	169.12%	-8.12%
Dividend Yield	-	-	1.63%	1.85%	2.67%	2.94%	2.92%	2.94%	2.74%	1.74%	1.06%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.51
(-) Cash Dividends Paid (M)	22.76
(=) Cash Retained (M)	64.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.50	10.94	6.56
Cash Retained (M)	64.75	64.75	64.75
(-) Cash Required (M)	-17.50	-10.94	-6.56
(=) Excess Retained (M)	47.25	53.82	58.19
(/) Shares Outstanding (M)	150.95	150.95	150.95
(=) Excess Retained per Share	0.31	0.36	0.39
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.31	0.36	0.39
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	1.17%	2.17%	3.17%
Fair Value	$5.39	$6.72	$8.25
Upside / Downside	-82.77%	-78.49%	-73.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.51	89.41	91.35	93.34	95.37	97.44	100.36
Payout Ratio	26.00%	38.80%	51.60%	64.40%	77.20%	90.00%	92.50%
Projected Dividends (M)	22.76	34.70	47.14	60.11	73.62	87.69	92.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	1.17%	2.17%	3.17%
Year 1 PV (M)	31.27	31.58	31.88
Year 2 PV (M)	38.28	39.04	39.81
Year 3 PV (M)	43.99	45.31	46.65
Year 4 PV (M)	48.55	50.50	52.51
Year 5 PV (M)	52.12	54.75	57.48
PV of Terminal Value (M)	801.78	842.19	884.22
Equity Value (M)	1,015.99	1,063.37	1,112.56
Shares Outstanding (M)	150.95	150.95	150.95
Fair Value	$6.73	$7.04	$7.37
Upside / Downside	-78.47%	-77.46%	-76.42%

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Fuxin Dare Automotive Parts Co., Ltd. (300473.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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