DDM Analysis: 600516.SS

Valuation Snapshot

Stable Growth	$0.05 - $0.07	$0.06
Multi-Stage	$0.10 - $0.10	$0.10
Blended Fair Value	$0.08
Current Price	$5.22
Upside	-98.47%
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	40.23%	-4.15%	0.04	0.01	0.01	0.50	0.01	0.01	0.88	0.02	0.03	0.03
YoY Growth	-	-	440.70%	-12.96%	-98.23%	3,708.17%	70.82%	-99.13%	4,374.22%	-35.20%	-11.03%	-46.08%
Dividend Yield	-	-	0.83%	0.15%	0.14%	5.86%	0.16%	0.12%	7.84%	0.15%	0.71%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.60
(-) Cash Dividends Paid (M)	25.93
(=) Cash Retained (M)	16.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.52	5.32	3.19
Cash Retained (M)	16.67	16.67	16.67
(-) Cash Required (M)	-8.52	-5.32	-3.19
(=) Excess Retained (M)	8.15	11.34	13.47
(/) Shares Outstanding (M)	3,902.43	3,902.43	3,902.43
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.01	0.01	0.01
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-6.15%	-5.15%	-4.15%
Fair Value	$0.05	$0.06	$0.07
Upside / Downside	-99.02%	-98.85%	-98.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.60	40.41	38.32	36.35	34.48	32.70	33.68
Payout Ratio	60.88%	66.70%	72.53%	78.35%	84.18%	90.00%	92.50%
Projected Dividends (M)	25.93	26.95	27.79	28.48	29.02	29.43	31.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-6.15%	-5.15%	-4.15%
Year 1 PV (M)	24.27	24.53	24.79
Year 2 PV (M)	22.54	23.02	23.51
Year 3 PV (M)	20.80	21.47	22.15
Year 4 PV (M)	19.08	19.91	20.76
Year 5 PV (M)	17.43	18.38	19.36
PV of Terminal Value (M)	268.17	282.77	297.99
Equity Value (M)	372.29	390.07	408.57
Shares Outstanding (M)	3,902.43	3,902.43	3,902.43
Fair Value	$0.10	$0.10	$0.10
Upside / Downside	-98.17%	-98.09%	-97.99%

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FangDa Carbon New Material Co.,Ltd (600516.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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