DDM Analysis: 600651.SS

Valuation Snapshot

Stable Growth	$0.09 - $0.12	$0.10
Multi-Stage	$0.19 - $0.21	$0.20
Blended Fair Value	$0.15
Current Price	$8.69
Upside	-98.25%
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	-39.61%	-6.72%	0.01	0.02	0.03	0.05	0.08	0.13	0.12	0.13	0.12	0.06
YoY Growth	-	-	-38.04%	-43.61%	-34.47%	-40.96%	-40.59%	12.56%	-11.75%	15.04%	110.00%	158.76%
Dividend Yield	-	-	0.25%	0.50%	0.83%	1.36%	2.14%	3.62%	2.29%	1.43%	1.12%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49.64
(-) Cash Dividends Paid (M)	16.48
(=) Cash Retained (M)	33.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.93	6.21	3.72
Cash Retained (M)	33.16	33.16	33.16
(-) Cash Required (M)	-9.93	-6.21	-3.72
(=) Excess Retained (M)	23.23	26.96	29.44
(/) Shares Outstanding (M)	2,442.20	2,442.20	2,442.20
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-8.72%	-7.72%	-6.72%
Fair Value	$0.09	$0.10	$0.12
Upside / Downside	-99.00%	-98.83%	-98.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49.64	45.81	42.27	39.01	36.00	33.22	34.21
Payout Ratio	33.20%	44.56%	55.92%	67.28%	78.64%	90.00%	92.50%
Projected Dividends (M)	16.48	20.41	23.64	26.24	28.31	29.89	31.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-8.72%	-7.72%	-6.72%
Year 1 PV (M)	18.63	18.83	19.04
Year 2 PV (M)	19.69	20.12	20.56
Year 3 PV (M)	19.95	20.61	21.29
Year 4 PV (M)	19.63	20.51	21.41
Year 5 PV (M)	18.92	19.98	21.09
PV of Terminal Value (M)	371.40	392.20	413.91
Equity Value (M)	468.21	492.24	517.29
Shares Outstanding (M)	2,442.20	2,442.20	2,442.20
Fair Value	$0.19	$0.20	$0.21
Upside / Downside	-97.79%	-97.68%	-97.56%

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Shanghai Feilo Acoustics Co.,Ltd (600651.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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