DDM Analysis: 300748.SZ

Valuation Snapshot

Stable Growth	$10.26 - $26.16	$15.49
Multi-Stage	$7.17 - $7.83	$7.50
Blended Fair Value	$11.49
Current Price	$34.29
Upside	-66.48%
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	48.56%	19.75%	0.37	0.19	0.21	0.10	0.05	0.05	0.04	0.03	0.03	0.04
YoY Growth	-	-	91.13%	-5.86%	114.12%	75.27%	7.17%	16.33%	29.75%	-2.17%	-13.80%	-34.19%
Dividend Yield	-	-	1.89%	1.23%	1.16%	0.48%	0.39%	0.43%	0.43%	0.70%	0.71%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	609.62
(-) Cash Dividends Paid (M)	199.74
(=) Cash Retained (M)	409.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.92	76.20	45.72
Cash Retained (M)	409.88	409.88	409.88
(-) Cash Required (M)	-121.92	-76.20	-45.72
(=) Excess Retained (M)	287.96	333.68	364.16
(/) Shares Outstanding (M)	1,350.00	1,350.00	1,350.00
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	9.22%	9.22%	9.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.26	$15.49	$26.16
Upside / Downside	-70.09%	-54.82%	-23.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	609.62	649.24	691.44	736.39	784.25	835.23	860.29
Payout Ratio	32.76%	44.21%	55.66%	67.11%	78.55%	90.00%	92.50%
Projected Dividends (M)	199.74	287.04	384.85	494.16	616.05	751.71	795.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.22%	9.22%	9.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	260.35	262.82	265.29
Year 2 PV (M)	316.61	322.64	328.73
Year 3 PV (M)	368.74	379.32	390.11
Year 4 PV (M)	416.95	432.98	449.48
Year 5 PV (M)	461.45	483.74	506.88
PV of Terminal Value (M)	7,858.53	8,238.10	8,632.19
Equity Value (M)	9,682.63	10,119.60	10,572.67
Shares Outstanding (M)	1,350.00	1,350.00	1,350.00
Fair Value	$7.17	$7.50	$7.83
Upside / Downside	-79.08%	-78.14%	-77.16%

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JL Mag Rare-Earth Co., Ltd. (300748.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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