DDM Analysis: 301586.SZ

Valuation Snapshot

Stable Growth	$17.52 - $41.49	$25.83
Multi-Stage	$12.98 - $14.15	$13.56
Blended Fair Value	$19.70
Current Price	$54.06
Upside	-63.57%
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	0.00%	0.00%	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.28
(-) Cash Dividends Paid (M)	39.41
(=) Cash Retained (M)	24.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.86	8.03	4.82
Cash Retained (M)	24.86	24.86	24.86
(-) Cash Required (M)	-12.86	-8.03	-4.82
(=) Excess Retained (M)	12.01	16.83	20.04
(/) Shares Outstanding (M)	77.81	77.81	77.81
(=) Excess Retained per Share	0.15	0.22	0.26
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.15	0.22	0.26
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.52	$25.83	$41.49
Upside / Downside	-67.59%	-52.21%	-23.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.28	68.45	72.90	77.64	82.69	88.06	90.70
Payout Ratio	61.32%	67.05%	72.79%	78.53%	84.26%	90.00%	92.50%
Projected Dividends (M)	39.41	45.90	53.07	60.97	69.68	79.26	83.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.53	41.93	42.32
Year 2 PV (M)	43.45	44.27	45.11
Year 3 PV (M)	45.17	46.46	47.78
Year 4 PV (M)	46.70	48.50	50.35
Year 5 PV (M)	48.07	50.39	52.80
PV of Terminal Value (M)	785.33	823.27	862.65
Equity Value (M)	1,010.25	1,054.82	1,101.01
Shares Outstanding (M)	77.81	77.81	77.81
Fair Value	$12.98	$13.56	$14.15
Upside / Downside	-75.98%	-74.92%	-73.82%

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Anhui Jialiqi Advanced Composites Technology Co., Ltd. (301586.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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