DDM Analysis: 300557.SZ

Valuation Snapshot

Stable Growth	$81.49 - $96.01	$89.97
Multi-Stage	$55.16 - $60.52	$57.79
Blended Fair Value	$73.88
Current Price	$26.94
Upside	174.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.15%	2.32%	0.15	0.15	0.11	0.01	0.02	0.06	0.14	0.23	0.00	0.18
YoY Growth	-	-	1.49%	28.59%	805.24%	-26.98%	-69.74%	-60.00%	-37.50%	0.00%	-100.00%	52.37%
Dividend Yield	-	-	0.60%	0.83%	0.59%	0.07%	0.11%	0.39%	0.79%	0.95%	0.00%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.11
(-) Cash Dividends Paid (M)	18.62
(=) Cash Retained (M)	28.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.42	5.89	3.53
Cash Retained (M)	28.48	28.48	28.48
(-) Cash Required (M)	-9.42	-5.89	-3.53
(=) Excess Retained (M)	19.06	22.60	24.95
(/) Shares Outstanding (M)	97.58	97.58	97.58
(=) Excess Retained per Share	0.20	0.23	0.26
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.20	0.23	0.26
(=) Adjusted Dividend	0.39	0.42	0.45
WACC / Discount Rate	2.44%	2.44%	2.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.49	$89.97	$96.01
Upside / Downside	202.47%	233.97%	256.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.11	50.17	53.43	56.90	60.60	64.54	66.47
Payout Ratio	39.53%	49.63%	59.72%	69.81%	79.91%	90.00%	92.50%
Projected Dividends (M)	18.62	24.90	31.91	39.72	48.42	58.08	61.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.44%	2.44%	2.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24.08	24.30	24.53
Year 2 PV (M)	29.84	30.41	30.98
Year 3 PV (M)	35.93	36.96	38.01
Year 4 PV (M)	42.35	43.98	45.66
Year 5 PV (M)	49.13	51.50	53.96
PV of Terminal Value (M)	5,200.75	5,451.95	5,712.76
Equity Value (M)	5,382.07	5,639.10	5,905.90
Shares Outstanding (M)	97.58	97.58	97.58
Fair Value	$55.16	$57.79	$60.52
Upside / Downside	104.74%	114.52%	124.66%

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Wuhan Ligong Guangke Co., Ltd. (300557.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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