DDM Analysis: 002226.SZ

Valuation Snapshot

Stable Growth	$26.03 - $60.49	$56.69
Multi-Stage	$8.97 - $9.81	$9.38
Blended Fair Value	$33.03
Current Price	$6.88
Upside	380.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.59%	5.13%	0.12	0.12	0.11	0.12	0.09	0.08	0.10	0.11	0.01	0.07
YoY Growth	-	-	5.96%	6.26%	-5.05%	33.87%	5.52%	-17.86%	-11.17%	975.27%	-85.41%	-4.58%
Dividend Yield	-	-	2.20%	2.48%	2.07%	1.80%	1.73%	2.47%	2.00%	2.47%	0.15%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	805.59
(-) Cash Dividends Paid (M)	319.47
(=) Cash Retained (M)	486.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	161.12	100.70	60.42
Cash Retained (M)	486.12	486.12	486.12
(-) Cash Required (M)	-161.12	-100.70	-60.42
(=) Excess Retained (M)	325.00	385.42	425.70
(/) Shares Outstanding (M)	2,648.58	2,648.58	2,648.58
(=) Excess Retained per Share	0.12	0.15	0.16
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.12	0.15	0.16
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.03	$56.69	$60.49
Upside / Downside	278.38%	723.95%	779.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	805.59	857.95	913.72	973.11	1,036.36	1,103.72	1,136.84
Payout Ratio	39.66%	49.73%	59.79%	69.86%	79.93%	90.00%	92.50%
Projected Dividends (M)	319.47	426.62	546.35	679.84	828.38	993.35	1,051.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	396.87	400.63	404.39
Year 2 PV (M)	472.81	481.82	490.91
Year 3 PV (M)	547.31	563.02	579.03
Year 4 PV (M)	620.39	644.25	668.79
Year 5 PV (M)	692.07	725.50	760.21
PV of Terminal Value (M)	21,015.96	22,031.03	23,084.96
Equity Value (M)	23,745.42	24,846.26	25,988.30
Shares Outstanding (M)	2,648.58	2,648.58	2,648.58
Fair Value	$8.97	$9.38	$9.81
Upside / Downside	30.31%	36.35%	42.62%

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Financial Statements

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Ticker

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Sector

Anhui Jiangnan Chemical Industry Co., Ltd. (002226.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener