DDM Analysis: 605566.SS

Valuation Snapshot

Stable Growth	$1.26 - $1.75	$1.51
Multi-Stage	$2.23 - $2.46	$2.34
Blended Fair Value	$1.93
Current Price	$27.20
Upside	-92.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-41.01%	0.00%	0.12	0.05	0.74	0.05	0.09	1.73	0.79	0.53	0.00	0.00
YoY Growth	-	-	147.46%	-93.29%	1,441.06%	-45.36%	-94.90%	117.97%	49.54%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.70%	0.28%	3.22%	0.20%	0.22%	4.30%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.61
(-) Cash Dividends Paid (M)	2.80
(=) Cash Retained (M)	27.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.12	3.83	2.30
Cash Retained (M)	27.82	27.82	27.82
(-) Cash Required (M)	-6.12	-3.83	-2.30
(=) Excess Retained (M)	21.70	23.99	25.52
(/) Shares Outstanding (M)	134.74	134.74	134.74
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	-4.62%	-3.62%	-2.62%
Fair Value	$1.26	$1.51	$1.75
Upside / Downside	-95.35%	-94.46%	-93.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.61	29.50	28.43	27.40	26.41	25.45	26.22
Payout Ratio	9.13%	25.31%	41.48%	57.65%	73.83%	90.00%	92.50%
Projected Dividends (M)	2.80	7.47	11.79	15.80	19.50	22.91	24.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	-4.62%	-3.62%	-2.62%
Year 1 PV (M)	6.77	6.84	6.92
Year 2 PV (M)	9.71	9.91	10.12
Year 3 PV (M)	11.80	12.17	12.56
Year 4 PV (M)	13.21	13.77	14.35
Year 5 PV (M)	14.08	14.83	15.62
PV of Terminal Value (M)	245.08	258.20	271.88
Equity Value (M)	300.65	315.74	331.44
Shares Outstanding (M)	134.74	134.74	134.74
Fair Value	$2.23	$2.34	$2.46
Upside / Downside	-91.80%	-91.38%	-90.96%

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Hangzhou Flariant Co., Ltd. (605566.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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