DDM Analysis: 603045.SS

Valuation Snapshot

Stable Growth	$32.07 - $87.45	$81.95
Multi-Stage	$12.66 - $13.83	$13.24
Blended Fair Value	$47.59
Current Price	$20.29
Upside	134.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.72%	13.36%	0.41	0.37	0.34	0.38	0.34	0.25	0.16	0.21	0.21	0.22
YoY Growth	-	-	10.37%	10.65%	-12.62%	12.17%	39.02%	58.92%	-25.20%	-2.54%	-5.23%	91.77%
Dividend Yield	-	-	2.60%	2.92%	2.36%	2.10%	3.14%	1.96%	0.71%	2.09%	2.14%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.57
(-) Cash Dividends Paid (M)	46.47
(=) Cash Retained (M)	13.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.91	7.45	4.47
Cash Retained (M)	13.09	13.09	13.09
(-) Cash Required (M)	-11.91	-7.45	-4.47
(=) Excess Retained (M)	1.18	5.65	8.63
(/) Shares Outstanding (M)	135.47	135.47	135.47
(=) Excess Retained per Share	0.01	0.04	0.06
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.01	0.04	0.06
(=) Adjusted Dividend	0.35	0.38	0.41
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.07	$81.95	$87.45
Upside / Downside	58.07%	303.89%	330.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.57	63.44	67.56	71.96	76.63	81.61	84.06
Payout Ratio	78.02%	80.41%	82.81%	85.21%	87.60%	90.00%	92.50%
Projected Dividends (M)	46.47	51.01	55.95	61.31	67.13	73.45	77.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.38	47.83	48.28
Year 2 PV (M)	48.26	49.18	50.11
Year 3 PV (M)	49.12	50.53	51.97
Year 4 PV (M)	49.96	51.88	53.85
Year 5 PV (M)	50.77	53.22	55.76
PV of Terminal Value (M)	1,469.50	1,540.48	1,614.17
Equity Value (M)	1,714.99	1,793.12	1,874.15
Shares Outstanding (M)	135.47	135.47	135.47
Fair Value	$12.66	$13.24	$13.83
Upside / Downside	-37.61%	-34.77%	-31.82%

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Fuda Alloy Materials Co.,Ltd (603045.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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