DDM Analysis: 300826.SZ

Valuation Snapshot

Stable Growth	$3.26 - $17.81	$6.35
Multi-Stage	$8.51 - $9.41	$8.95
Blended Fair Value	$7.65
Current Price	$17.84
Upside	-57.11%
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	-3.46%	0.00%	0.10	0.18	0.21	0.37	0.00	0.12	0.10	0.03	0.17	0.07
YoY Growth	-	-	-45.27%	-13.33%	-44.00%	35,052.82%	-99.10%	18.75%	220.00%	-82.13%	154.40%	0.00%
Dividend Yield	-	-	0.63%	1.31%	1.47%	2.68%	0.01%	0.65%	0.55%	0.17%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.55
(-) Cash Dividends Paid (M)	9.47
(=) Cash Retained (M)	6.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.11	1.94	1.17
Cash Retained (M)	6.08	6.08	6.08
(-) Cash Required (M)	-3.11	-1.94	-1.17
(=) Excess Retained (M)	2.97	4.14	4.92
(/) Shares Outstanding (M)	161.50	161.50	161.50
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	0.31%	0.31%	0.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.26	$6.35	$17.81
Upside / Downside	-81.71%	-64.40%	-0.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.55	15.40	15.24	15.09	14.94	14.79	15.23
Payout Ratio	60.89%	66.71%	72.53%	78.36%	84.18%	90.00%	92.50%
Projected Dividends (M)	9.47	10.27	11.06	11.82	12.57	13.31	14.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.31%	0.31%	0.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.14	10.24	10.34
Year 2 PV (M)	10.77	10.99	11.21
Year 3 PV (M)	11.36	11.71	12.07
Year 4 PV (M)	11.92	12.42	12.93
Year 5 PV (M)	12.46	13.10	13.78
PV of Terminal Value (M)	1,318.51	1,387.17	1,458.66
Equity Value (M)	1,375.15	1,445.63	1,518.99
Shares Outstanding (M)	161.50	161.50	161.50
Fair Value	$8.51	$8.95	$9.41
Upside / Downside	-52.27%	-49.83%	-47.28%

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NanJing Research Institute of Surveying, Mapping & Geotechnical Investigation, Co.Ltd (300826.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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