DDM Analysis: 603351.SS

Valuation Snapshot

Stable Growth	$89.02 - $216.62	$203.00
Multi-Stage	$31.75 - $34.75	$33.22
Blended Fair Value	$118.11
Current Price	$27.17
Upside	334.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.32%	15.21%	0.41	0.39	0.40	0.33	0.35	0.33	0.22	0.16	0.38	0.10
YoY Growth	-	-	3.84%	-0.87%	19.08%	-3.89%	4.90%	49.61%	40.08%	-58.92%	270.90%	4.43%
Dividend Yield	-	-	1.58%	1.77%	1.56%	1.23%	1.55%	1.51%	0.74%	0.61%	1.48%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	147.59
(-) Cash Dividends Paid (M)	64.67
(=) Cash Retained (M)	82.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.52	18.45	11.07
Cash Retained (M)	82.92	82.92	82.92
(-) Cash Required (M)	-29.52	-18.45	-11.07
(=) Excess Retained (M)	53.40	64.47	71.85
(/) Shares Outstanding (M)	135.50	135.50	135.50
(=) Excess Retained per Share	0.39	0.48	0.53
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.39	0.48	0.53
(=) Adjusted Dividend	0.87	0.95	1.01
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.02	$203.00	$216.62
Upside / Downside	227.66%	647.16%	697.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	147.59	157.18	167.40	178.28	189.87	202.21	208.28
Payout Ratio	43.82%	53.06%	62.29%	71.53%	80.76%	90.00%	92.50%
Projected Dividends (M)	64.67	83.40	104.28	127.52	153.35	181.99	192.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.55	78.28	79.02
Year 2 PV (M)	90.16	91.88	93.61
Year 3 PV (M)	102.53	105.47	108.47
Year 4 PV (M)	114.64	119.05	123.59
Year 5 PV (M)	126.52	132.63	138.97
PV of Terminal Value (M)	3,791.27	3,974.39	4,164.52
Equity Value (M)	4,302.67	4,501.71	4,708.18
Shares Outstanding (M)	135.50	135.50	135.50
Fair Value	$31.75	$33.22	$34.75
Upside / Downside	16.87%	22.28%	27.89%

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Nanjing Well Pharmaceutical Group Co.,Ltd. (603351.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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