DDM Analysis: 688377.SS

Valuation Snapshot

Stable Growth	$13.61 - $36.15	$20.82
Multi-Stage	$9.39 - $10.25	$9.81
Blended Fair Value	$15.32
Current Price	$38.48
Upside	-60.19%
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	50.99%	15.77%	0.26	0.19	0.02	0.17	0.03	0.03	0.04	0.06	0.06	0.06
YoY Growth	-	-	39.17%	745.77%	-86.48%	553.71%	-24.56%	-24.31%	-22.70%	-6.34%	-0.19%	0.74%
Dividend Yield	-	-	1.32%	1.05%	0.07%	0.65%	0.16%	0.08%	0.11%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.50
(-) Cash Dividends Paid (M)	34.45
(=) Cash Retained (M)	77.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.30	13.94	8.36
Cash Retained (M)	77.05	77.05	77.05
(-) Cash Required (M)	-22.30	-13.94	-8.36
(=) Excess Retained (M)	54.75	63.11	68.69
(/) Shares Outstanding (M)	192.30	192.30	192.30
(=) Excess Retained per Share	0.28	0.33	0.36
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.28	0.33	0.36
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.61	$20.82	$36.15
Upside / Downside	-64.62%	-45.89%	-6.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.50	118.75	126.47	134.69	143.44	152.77	157.35
Payout Ratio	30.90%	42.72%	54.54%	66.36%	78.18%	90.00%	92.50%
Projected Dividends (M)	34.45	50.73	68.97	89.38	112.14	137.49	145.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46.06	46.50	46.94
Year 2 PV (M)	56.87	57.95	59.05
Year 3 PV (M)	66.92	68.84	70.79
Year 4 PV (M)	76.24	79.17	82.19
Year 5 PV (M)	84.87	88.97	93.23
PV of Terminal Value (M)	1,474.13	1,545.33	1,619.26
Equity Value (M)	1,805.09	1,886.76	1,971.45
Shares Outstanding (M)	192.30	192.30	192.30
Fair Value	$9.39	$9.81	$10.25
Upside / Downside	-75.61%	-74.50%	-73.36%

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Nanjing Develop Advanced Manufacturing Co., Ltd. (688377.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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