DDM Analysis: 300402.SZ

Valuation Snapshot

Stable Growth	$4.91 - $10.90	$7.08
Multi-Stage	$3.47 - $3.79	$3.63
Blended Fair Value	$5.35
Current Price	$18.12
Upside	-70.45%
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	8.83%	3.42%	0.13	0.19	0.18	0.45	0.03	0.09	0.07	0.06	0.08	0.12
YoY Growth	-	-	-30.45%	9.15%	-60.71%	1,646.20%	-70.69%	22.23%	27.72%	-32.47%	-32.53%	28.94%
Dividend Yield	-	-	0.72%	1.14%	0.92%	2.19%	0.18%	1.11%	0.66%	0.46%	0.34%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.33
(-) Cash Dividends Paid (M)	3.55
(=) Cash Retained (M)	56.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.07	7.54	4.52
Cash Retained (M)	56.78	56.78	56.78
(-) Cash Required (M)	-12.07	-7.54	-4.52
(=) Excess Retained (M)	44.71	49.24	52.25
(/) Shares Outstanding (M)	243.67	243.67	243.67
(=) Excess Retained per Share	0.18	0.20	0.21
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.18	0.20	0.21
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.91	$7.08	$10.90
Upside / Downside	-72.92%	-60.93%	-39.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.33	64.25	68.42	72.87	77.61	82.65	85.13
Payout Ratio	5.88%	22.70%	39.53%	56.35%	73.18%	90.00%	92.50%
Projected Dividends (M)	3.55	14.59	27.05	41.06	56.79	74.39	78.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.16	13.29	13.41
Year 2 PV (M)	22.03	22.45	22.87
Year 3 PV (M)	30.19	31.06	31.94
Year 4 PV (M)	37.68	39.13	40.62
Year 5 PV (M)	44.55	46.70	48.93
PV of Terminal Value (M)	697.69	731.39	766.38
Equity Value (M)	845.30	884.01	924.16
Shares Outstanding (M)	243.67	243.67	243.67
Fair Value	$3.47	$3.63	$3.79
Upside / Downside	-80.86%	-79.98%	-79.07%

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Nanjing Baose Co., Ltd. (300402.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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