DDM Analysis: 600455.SS

Valuation Snapshot

Stable Growth	$37.05 - $123.06	$115.33
Multi-Stage	$16.45 - $18.03	$17.22
Blended Fair Value	$66.28
Current Price	$26.23
Upside	152.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-54.74%	-52.27%	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.02	0.05	0.09
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	-79.64%	-28.55%	-51.08%	-45.70%	-16.46%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.05%	0.07%	0.10%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.70
(-) Cash Dividends Paid (M)	1.07
(=) Cash Retained (M)	37.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.74	4.84	2.90
Cash Retained (M)	37.63	37.63	37.63
(-) Cash Required (M)	-7.74	-4.84	-2.90
(=) Excess Retained (M)	29.89	32.79	34.73
(/) Shares Outstanding (M)	62.43	62.43	62.43
(=) Excess Retained per Share	0.48	0.53	0.56
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.48	0.53	0.56
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	5.32%	6.32%	7.32%
Fair Value	$37.05	$115.33	$123.06
Upside / Downside	41.26%	339.68%	369.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.70	41.14	43.74	46.50	49.44	52.57	54.14
Payout Ratio	2.76%	20.21%	37.66%	55.10%	72.55%	90.00%	92.50%
Projected Dividends (M)	1.07	8.31	16.47	25.63	35.87	47.31	50.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	5.32%	6.32%	7.32%
Year 1 PV (M)	7.72	7.79	7.86
Year 2 PV (M)	14.19	14.46	14.73
Year 3 PV (M)	20.49	21.08	21.68
Year 4 PV (M)	26.62	27.65	28.70
Year 5 PV (M)	32.59	34.16	35.80
PV of Terminal Value (M)	925.26	970.03	1,016.52
Equity Value (M)	1,026.86	1,075.17	1,125.29
Shares Outstanding (M)	62.43	62.43	62.43
Fair Value	$16.45	$17.22	$18.03
Upside / Downside	-37.29%	-34.34%	-31.28%

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But'one Information Corporation,Xi'an (600455.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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