DDM Analysis: 300398.SZ

Valuation Snapshot

Stable Growth	$94.28 - $123.80	$116.02
Multi-Stage	$20.71 - $22.69	$21.68
Blended Fair Value	$68.85
Current Price	$26.39
Upside	160.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.18%	29.28%	0.17	0.08	0.07	0.06	0.12	0.08	0.04	0.02	0.04	0.03
YoY Growth	-	-	115.39%	14.17%	9.96%	-46.91%	47.45%	100.00%	105.16%	-50.00%	30.00%	131.06%
Dividend Yield	-	-	0.97%	0.64%	0.33%	0.21%	0.78%	0.42%	0.25%	0.10%	0.18%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	331.61
(-) Cash Dividends Paid (M)	43.47
(=) Cash Retained (M)	288.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.32	41.45	24.87
Cash Retained (M)	288.14	288.14	288.14
(-) Cash Required (M)	-66.32	-41.45	-24.87
(=) Excess Retained (M)	221.82	246.69	263.27
(/) Shares Outstanding (M)	532.68	532.68	532.68
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.50	0.54	0.58
WACC / Discount Rate	6.06%	6.06%	6.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$94.28	$116.02	$123.80
Upside / Downside	257.27%	339.65%	369.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	331.61	353.16	376.12	400.56	426.60	454.33	467.96
Payout Ratio	13.11%	28.49%	43.87%	59.24%	74.62%	90.00%	92.50%
Projected Dividends (M)	43.47	100.60	164.98	237.31	318.34	408.90	432.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.06%	6.06%	6.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	93.97	94.86	95.75
Year 2 PV (M)	143.94	146.68	149.44
Year 3 PV (M)	193.37	198.93	204.58
Year 4 PV (M)	242.29	251.61	261.19
Year 5 PV (M)	290.69	304.73	319.31
PV of Terminal Value (M)	10,065.35	10,551.51	11,056.28
Equity Value (M)	11,029.61	11,548.31	12,086.55
Shares Outstanding (M)	532.68	532.68	532.68
Fair Value	$20.71	$21.68	$22.69
Upside / Downside	-21.54%	-17.85%	-14.02%

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PhiChem Corporation (300398.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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