DDM Analysis: 603231.SS

Valuation Snapshot

Stable Growth	$95.26 - $181.77	$170.35
Multi-Stage	$28.32 - $31.00	$29.63
Blended Fair Value	$99.99
Current Price	$18.76
Upside	433.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	21.15%	0.00%	0.50	0.22	0.33	0.38	0.15	0.19	0.00	0.00	0.00	0.00
YoY Growth	-	-	122.63%	-31.72%	-14.85%	148.78%	-18.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.25%	1.15%	1.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	176.19
(-) Cash Dividends Paid (M)	58.06
(=) Cash Retained (M)	118.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.24	22.02	13.21
Cash Retained (M)	118.12	118.12	118.12
(-) Cash Required (M)	-35.24	-22.02	-13.21
(=) Excess Retained (M)	82.89	96.10	104.91
(/) Shares Outstanding (M)	192.77	192.77	192.77
(=) Excess Retained per Share	0.43	0.50	0.54
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.43	0.50	0.54
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.26	$170.35	$181.77
Upside / Downside	407.79%	808.02%	868.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	176.19	187.64	199.84	212.83	226.66	241.39	248.63
Payout Ratio	32.96%	44.36%	55.77%	67.18%	78.59%	90.00%	92.50%
Projected Dividends (M)	58.06	83.25	111.46	142.98	178.13	217.25	229.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.57	78.31	79.04
Year 2 PV (M)	96.77	98.62	100.48
Year 3 PV (M)	115.68	119.00	122.39
Year 4 PV (M)	134.30	139.46	144.77
Year 5 PV (M)	152.62	159.99	167.65
PV of Terminal Value (M)	4,881.48	5,117.25	5,362.05
Equity Value (M)	5,458.42	5,712.64	5,976.38
Shares Outstanding (M)	192.77	192.77	192.77
Fair Value	$28.32	$29.63	$31.00
Upside / Downside	50.94%	57.97%	65.26%

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Solbar Ningbo Protein Technology Co., Ltd. (603231.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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