DDM Analysis: 002484.SZ

Valuation Snapshot

Stable Growth	$16.44 - $36.76	$23.78
Multi-Stage	$12.01 - $13.11	$12.55
Blended Fair Value	$18.16
Current Price	$30.22
Upside	-39.89%
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	27.15%	21.63%	0.27	0.16	0.13	0.13	0.08	0.08	0.08	0.08	0.04	0.05
YoY Growth	-	-	68.80%	25.56%	1.62%	51.94%	1.54%	2.09%	0.29%	95.20%	-8.65%	16.81%
Dividend Yield	-	-	1.33%	1.04%	0.59%	0.59%	0.57%	1.05%	1.01%	1.04%	0.37%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	695.14
(-) Cash Dividends Paid (M)	226.15
(=) Cash Retained (M)	468.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	139.03	86.89	52.14
Cash Retained (M)	468.99	468.99	468.99
(-) Cash Required (M)	-139.03	-86.89	-52.14
(=) Excess Retained (M)	329.96	382.10	416.86
(/) Shares Outstanding (M)	843.67	843.67	843.67
(=) Excess Retained per Share	0.39	0.45	0.49
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.39	0.45	0.49
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.44	$23.78	$36.76
Upside / Downside	-45.58%	-21.31%	21.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	695.14	740.32	788.44	839.69	894.27	952.40	980.97
Payout Ratio	32.53%	44.03%	55.52%	67.01%	78.51%	90.00%	92.50%
Projected Dividends (M)	226.15	325.93	437.74	562.70	702.06	857.16	907.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	294.25	297.04	299.83
Year 2 PV (M)	356.76	363.56	370.42
Year 3 PV (M)	414.02	425.91	438.02
Year 4 PV (M)	466.34	484.27	502.72
Year 5 PV (M)	514.01	538.84	564.61
PV of Terminal Value (M)	8,086.68	8,477.27	8,882.81
Equity Value (M)	10,132.06	10,586.88	11,058.40
Shares Outstanding (M)	843.67	843.67	843.67
Fair Value	$12.01	$12.55	$13.11
Upside / Downside	-60.26%	-58.48%	-56.63%

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Nantong Jianghai Capacitor Co. Ltd. (002484.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener