DDM Analysis: 688309.SS

Valuation Snapshot

Stable Growth	$1.82 - $2.45	$2.14
Multi-Stage	$3.28 - $3.61	$3.44
Blended Fair Value	$2.79
Current Price	$24.31
Upside	-88.52%
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	-4.58%	0.00%	0.09	0.07	0.00	0.06	0.01	0.12	0.00	0.01	0.00	0.00
YoY Growth	-	-	29.26%	0.00%	-100.00%	644.40%	-93.06%	0.00%	-100.00%	317.40%	-20.51%	0.00%
Dividend Yield	-	-	0.63%	0.43%	0.00%	0.41%	0.03%	0.14%	0.00%	0.01%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.69
(-) Cash Dividends Paid (M)	7.28
(=) Cash Retained (M)	24.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.34	3.96	2.38
Cash Retained (M)	24.41	24.41	24.41
(-) Cash Required (M)	-6.34	-3.96	-2.38
(=) Excess Retained (M)	18.08	20.45	22.04
(/) Shares Outstanding (M)	80.26	80.26	80.26
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	-6.58%	-5.58%	-4.58%
Fair Value	$1.82	$2.14	$2.45
Upside / Downside	-92.52%	-91.19%	-89.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.69	29.92	28.25	26.68	25.19	23.78	24.50
Payout Ratio	22.96%	36.37%	49.78%	63.19%	76.59%	90.00%	92.50%
Projected Dividends (M)	7.28	10.88	14.06	16.86	19.29	21.41	22.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	-6.58%	-5.58%	-4.58%
Year 1 PV (M)	9.82	9.93	10.03
Year 2 PV (M)	11.45	11.70	11.95
Year 3 PV (M)	12.38	12.78	13.20
Year 4 PV (M)	12.79	13.34	13.92
Year 5 PV (M)	12.80	13.50	14.23
PV of Terminal Value (M)	203.65	214.78	226.40
Equity Value (M)	262.89	276.04	289.72
Shares Outstanding (M)	80.26	80.26	80.26
Fair Value	$3.28	$3.44	$3.61
Upside / Downside	-86.53%	-85.85%	-85.15%

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ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
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Niutech Environment Technology Corporation (688309.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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