DDM Analysis: 603655.SS

Valuation Snapshot

Stable Growth	$5.11 - $8.80	$6.70
Multi-Stage	$5.08 - $5.55	$5.31
Blended Fair Value	$6.01
Current Price	$36.50
Upside	-83.54%
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	3.53%	27.21%	0.12	0.05	0.10	0.10	0.07	0.10	0.10	0.03	0.04	0.54
YoY Growth	-	-	137.85%	-50.00%	0.00%	42.86%	-30.00%	0.00%	278.57%	-38.47%	-91.94%	4,867.99%
Dividend Yield	-	-	0.51%	0.30%	0.32%	0.56%	0.32%	0.41%	0.57%	0.11%	0.46%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.22
(-) Cash Dividends Paid (M)	15.76
(=) Cash Retained (M)	25.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.24	5.15	3.09
Cash Retained (M)	25.46	25.46	25.46
(-) Cash Required (M)	-8.24	-5.15	-3.09
(=) Excess Retained (M)	17.22	20.31	22.37
(/) Shares Outstanding (M)	105.35	105.35	105.35
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$5.11	$6.70	$8.80
Upside / Downside	-86.00%	-81.64%	-75.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.22	43.13	45.13	47.22	49.41	51.70	53.25
Payout Ratio	38.23%	48.58%	58.94%	69.29%	79.65%	90.00%	92.50%
Projected Dividends (M)	15.76	20.95	26.60	32.72	39.35	46.53	49.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	18.87	19.05	19.23
Year 2 PV (M)	21.57	21.99	22.41
Year 3 PV (M)	23.90	24.59	25.31
Year 4 PV (M)	25.88	26.90	27.94
Year 5 PV (M)	27.56	28.91	30.32
PV of Terminal Value (M)	417.76	438.31	459.65
Equity Value (M)	535.54	559.75	584.87
Shares Outstanding (M)	105.35	105.35	105.35
Fair Value	$5.08	$5.31	$5.55
Upside / Downside	-86.07%	-85.44%	-84.79%

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Changzhou Langbo Sealing Technologies Co.,Ltd. (603655.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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