DDM Analysis: 688357.SS

Valuation Snapshot

Stable Growth	$24.00 - $97.82	$41.11
Multi-Stage	$15.15 - $16.55	$15.84
Blended Fair Value	$28.48
Current Price	$39.88
Upside	-28.60%
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	48.40%	12.48%	0.59	0.55	0.82	0.38	0.30	0.08	0.13	0.15	0.10	0.10
YoY Growth	-	-	7.75%	-33.41%	119.78%	23.66%	269.03%	-35.44%	-16.21%	52.23%	0.05%	-45.32%
Dividend Yield	-	-	2.29%	1.68%	1.47%	0.51%	0.70%	0.31%	0.51%	0.60%	0.40%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.62
(-) Cash Dividends Paid (M)	35.13
(=) Cash Retained (M)	51.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.32	10.83	6.50
Cash Retained (M)	51.48	51.48	51.48
(-) Cash Required (M)	-17.32	-10.83	-6.50
(=) Excess Retained (M)	34.16	40.66	44.99
(/) Shares Outstanding (M)	108.29	108.29	108.29
(=) Excess Retained per Share	0.32	0.38	0.42
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.32	0.38	0.42
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	8.31%	8.31%	8.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.00	$41.11	$97.82
Upside / Downside	-39.82%	3.09%	145.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.62	92.25	98.24	104.63	111.43	118.67	122.23
Payout Ratio	40.56%	50.45%	60.34%	70.23%	80.11%	90.00%	92.50%
Projected Dividends (M)	35.13	46.54	59.28	73.48	89.27	106.80	113.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.31%	8.31%	8.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.56	42.97	43.37
Year 2 PV (M)	49.58	50.53	51.48
Year 3 PV (M)	56.21	57.82	59.47
Year 4 PV (M)	62.46	64.86	67.33
Year 5 PV (M)	68.34	71.65	75.07
PV of Terminal Value (M)	1,361.74	1,427.51	1,495.80
Equity Value (M)	1,640.90	1,715.34	1,792.52
Shares Outstanding (M)	108.29	108.29	108.29
Fair Value	$15.15	$15.84	$16.55
Upside / Downside	-62.00%	-60.28%	-58.49%

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Luoyang Jianlong Micro-nano New Material Co., Ltd (688357.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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