DDM Analysis: 300218.SZ

Valuation Snapshot

Stable Growth	$26.44 - $151.71	$49.55
Multi-Stage	$21.14 - $23.17	$22.13
Blended Fair Value	$35.84
Current Price	$18.74
Upside	91.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.81%	-1.14%	0.19	0.29	0.29	0.11	0.22	0.19	0.14	0.22	0.22	0.08
YoY Growth	-	-	-36.07%	1.54%	157.40%	-49.30%	13.38%	41.79%	-37.94%	2.51%	165.72%	-61.25%
Dividend Yield	-	-	1.14%	2.13%	2.77%	0.87%	1.96%	2.37%	1.64%	2.72%	1.55%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	165.31
(-) Cash Dividends Paid (M)	59.15
(=) Cash Retained (M)	106.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.06	20.66	12.40
Cash Retained (M)	106.15	106.15	106.15
(-) Cash Required (M)	-33.06	-20.66	-12.40
(=) Excess Retained (M)	73.09	85.49	93.76
(/) Shares Outstanding (M)	213.83	213.83	213.83
(=) Excess Retained per Share	0.34	0.40	0.44
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.34	0.40	0.44
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$26.44	$49.55	$151.71
Upside / Downside	41.09%	164.41%	709.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	165.31	173.70	182.51	191.78	201.51	211.74	218.09
Payout Ratio	35.78%	46.63%	57.47%	68.31%	79.16%	90.00%	92.50%
Projected Dividends (M)	59.15	80.99	104.89	131.01	159.51	190.56	201.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	75.32	76.04	76.76
Year 2 PV (M)	90.71	92.46	94.23
Year 3 PV (M)	105.36	108.43	111.55
Year 4 PV (M)	119.29	123.94	128.73
Year 5 PV (M)	132.53	139.02	145.77
PV of Terminal Value (M)	3,997.35	4,193.11	4,396.48
Equity Value (M)	4,520.55	4,733.00	4,953.51
Shares Outstanding (M)	213.83	213.83	213.83
Fair Value	$21.14	$22.13	$23.17
Upside / Downside	12.81%	18.11%	23.61%

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Anhui Anli Material Technology Co., Ltd. (300218.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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