DDM Analysis: 603655.SS

Valuation Snapshot

Stable Growth	$64.88 - $76.46	$71.64
Multi-Stage	$51.43 - $56.53	$53.93
Blended Fair Value	$62.79
Current Price	$36.50
Upside	72.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.53%	27.21%	0.12	0.05	0.10	0.10	0.07	0.10	0.10	0.03	0.04	0.54
YoY Growth	-	-	137.85%	-50.00%	0.00%	42.86%	-30.00%	0.00%	278.57%	-38.47%	-91.94%	4,867.99%
Dividend Yield	-	-	0.51%	0.30%	0.32%	0.56%	0.32%	0.41%	0.57%	0.11%	0.46%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.22
(-) Cash Dividends Paid (M)	15.76
(=) Cash Retained (M)	25.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.24	5.15	3.09
Cash Retained (M)	25.46	25.46	25.46
(-) Cash Required (M)	-8.24	-5.15	-3.09
(=) Excess Retained (M)	17.22	20.31	22.37
(/) Shares Outstanding (M)	105.35	105.35	105.35
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	-2.19%	-2.19%	-2.19%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$64.88	$71.64	$76.46
Upside / Downside	77.74%	96.28%	109.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.22	43.13	45.13	47.22	49.41	51.70	53.25
Payout Ratio	38.23%	48.58%	58.94%	69.29%	79.65%	90.00%	92.50%
Projected Dividends (M)	15.76	20.95	26.60	32.72	39.35	46.53	49.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.19%	-2.19%	-2.19%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	21.22	21.42	21.63
Year 2 PV (M)	27.27	27.80	28.34
Year 3 PV (M)	33.98	34.97	35.98
Year 4 PV (M)	41.38	43.00	44.67
Year 5 PV (M)	49.54	51.98	54.51
PV of Terminal Value (M)	5,244.82	5,502.78	5,770.80
Equity Value (M)	5,418.21	5,681.96	5,955.93
Shares Outstanding (M)	105.35	105.35	105.35
Fair Value	$51.43	$53.93	$56.53
Upside / Downside	40.90%	47.76%	54.89%

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Changzhou Langbo Sealing Technologies Co.,Ltd. (603655.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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