DDM Analysis: 300986.SZ

Valuation Snapshot

Stable Growth	$31.95 - $93.21	$87.35
Multi-Stage	$12.94 - $14.15	$13.53
Blended Fair Value	$50.44
Current Price	$11.45
Upside	340.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.70%	47.35%	0.27	0.12	0.17	0.07	0.09	0.05	0.04	0.01	0.01	0.01
YoY Growth	-	-	131.79%	-33.15%	141.23%	-18.64%	87.82%	33.22%	199.91%	124.49%	-0.81%	-5.09%
Dividend Yield	-	-	2.05%	1.27%	0.93%	0.56%	0.54%	0.29%	0.22%	0.00%	0.03%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	132.22
(-) Cash Dividends Paid (M)	66.10
(=) Cash Retained (M)	66.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.44	16.53	9.92
Cash Retained (M)	66.13	66.13	66.13
(-) Cash Required (M)	-26.44	-16.53	-9.92
(=) Excess Retained (M)	39.68	49.60	56.21
(/) Shares Outstanding (M)	282.12	282.12	282.12
(=) Excess Retained per Share	0.14	0.18	0.20
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.14	0.18	0.20
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.95	$87.35	$93.21
Upside / Downside	179.05%	662.90%	714.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	132.22	140.82	149.97	159.72	170.10	181.16	186.59
Payout Ratio	49.99%	57.99%	65.99%	74.00%	82.00%	90.00%	92.50%
Projected Dividends (M)	66.10	81.66	98.97	118.19	139.48	163.04	172.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75.79	76.51	77.23
Year 2 PV (M)	85.25	86.87	88.51
Year 3 PV (M)	94.48	97.19	99.95
Year 4 PV (M)	103.48	107.46	111.55
Year 5 PV (M)	112.26	117.68	123.31
PV of Terminal Value (M)	3,179.15	3,332.70	3,492.13
Equity Value (M)	3,650.40	3,818.41	3,992.68
Shares Outstanding (M)	282.12	282.12	282.12
Fair Value	$12.94	$13.53	$14.15
Upside / Downside	13.01%	18.21%	23.60%

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Jiangxi GETO New Materials Corporation Limited (300986.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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