DDM Analysis: 300049.SZ

Valuation Snapshot

Stable Growth	$9.13 - $20.02	$13.11
Multi-Stage	$6.71 - $7.33	$7.02
Blended Fair Value	$10.07
Current Price	$74.40
Upside	-86.47%
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	-5.80%	-3.86%	0.01	0.20	0.27	0.01	0.01	0.01	0.12	0.12	0.11	0.10
YoY Growth	-	-	-95.88%	-25.20%	3,566.78%	-48.15%	26.52%	-90.46%	-3.77%	16.51%	5.39%	706.67%
Dividend Yield	-	-	0.03%	0.41%	0.95%	0.05%	0.18%	0.15%	1.04%	0.92%	0.55%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.17
(-) Cash Dividends Paid (M)	39.91
(=) Cash Retained (M)	83.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.63	15.40	9.24
Cash Retained (M)	83.26	83.26	83.26
(-) Cash Required (M)	-24.63	-15.40	-9.24
(=) Excess Retained (M)	58.63	67.86	74.02
(/) Shares Outstanding (M)	263.29	263.29	263.29
(=) Excess Retained per Share	0.22	0.26	0.28
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.22	0.26	0.28
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.13	$13.11	$20.02
Upside / Downside	-87.73%	-82.37%	-73.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.17	131.18	139.70	148.78	158.45	168.75	173.82
Payout Ratio	32.40%	43.92%	55.44%	66.96%	78.48%	90.00%	92.50%
Projected Dividends (M)	39.91	57.61	77.45	99.63	124.35	151.88	160.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51.97	52.46	52.95
Year 2 PV (M)	63.02	64.22	65.43
Year 3 PV (M)	73.11	75.21	77.35
Year 4 PV (M)	82.32	85.48	88.74
Year 5 PV (M)	90.68	95.06	99.61
PV of Terminal Value (M)	1,406.76	1,474.70	1,545.25
Equity Value (M)	1,767.85	1,847.13	1,929.33
Shares Outstanding (M)	263.29	263.29	263.29
Fair Value	$6.71	$7.02	$7.33
Upside / Downside	-90.98%	-90.57%	-90.15%

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Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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