DDM Analysis: 601137.SS

Valuation Snapshot

Stable Growth	$84.93 - $257.66	$241.46
Multi-Stage	$35.11 - $38.41	$36.73
Blended Fair Value	$139.10
Current Price	$25.83
Upside	438.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	57.26%	24.55%	0.54	0.34	0.27	0.27	0.23	0.06	0.16	0.10	0.06	0.06
YoY Growth	-	-	56.37%	25.47%	0.06%	21.83%	302.18%	-65.28%	54.59%	68.18%	1.38%	2.11%
Dividend Yield	-	-	2.68%	1.87%	1.75%	1.74%	2.11%	0.46%	1.68%	1.00%	0.46%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,136.67
(-) Cash Dividends Paid (M)	490.55
(=) Cash Retained (M)	646.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	227.33	142.08	85.25
Cash Retained (M)	646.12	646.12	646.12
(-) Cash Required (M)	-227.33	-142.08	-85.25
(=) Excess Retained (M)	418.79	504.04	560.87
(/) Shares Outstanding (M)	877.35	877.35	877.35
(=) Excess Retained per Share	0.48	0.57	0.64
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.48	0.57	0.64
(=) Adjusted Dividend	1.04	1.13	1.20
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.93	$241.46	$257.66
Upside / Downside	228.80%	834.81%	897.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,136.67	1,210.55	1,289.24	1,373.04	1,462.29	1,557.34	1,604.06
Payout Ratio	43.16%	52.53%	61.89%	71.26%	80.63%	90.00%	92.50%
Projected Dividends (M)	490.55	635.85	797.96	978.47	1,179.06	1,401.60	1,483.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	589.84	595.43	601.02
Year 2 PV (M)	686.67	699.75	712.95
Year 3 PV (M)	781.07	803.50	826.34
Year 4 PV (M)	873.10	906.68	941.22
Year 5 PV (M)	962.80	1,009.31	1,057.59
PV of Terminal Value (M)	26,910.35	28,210.13	29,559.65
Equity Value (M)	30,803.84	32,224.79	33,698.78
Shares Outstanding (M)	877.35	877.35	877.35
Fair Value	$35.11	$36.73	$38.41
Upside / Downside	35.93%	42.20%	48.70%

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Ningbo Boway Alloy Material Company Limited (601137.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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