DDM Analysis: 002149.SZ

Valuation Snapshot

Stable Growth	$5.24 - $19.30	$8.77
Multi-Stage	$3.53 - $3.85	$3.69
Blended Fair Value	$6.23
Current Price	$17.44
Upside	-64.29%
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	12.97%	4.55%	0.32	0.30	0.20	0.24	0.19	0.18	0.19	0.08	0.17	0.20
YoY Growth	-	-	7.70%	47.84%	-15.27%	28.79%	5.90%	-7.09%	128.03%	-50.12%	-18.45%	-1.64%
Dividend Yield	-	-	1.61%	1.91%	1.19%	1.89%	1.55%	2.61%	2.01%	0.91%	1.14%	1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	89.19
(-) Cash Dividends Paid (M)	76.23
(=) Cash Retained (M)	12.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.84	11.15	6.69
Cash Retained (M)	12.96	12.96	12.96
(-) Cash Required (M)	-17.84	-11.15	-6.69
(=) Excess Retained (M)	-4.88	1.81	6.27
(/) Shares Outstanding (M)	488.15	488.15	488.15
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.24	$8.77	$19.30
Upside / Downside	-69.94%	-49.71%	10.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	89.19	94.98	101.16	107.73	114.73	122.19	125.86
Payout Ratio	85.47%	86.38%	87.28%	88.19%	89.09%	90.00%	92.50%
Projected Dividends (M)	76.23	82.04	88.29	95.01	102.22	109.97	116.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.95	75.66	76.37
Year 2 PV (M)	73.68	75.08	76.50
Year 3 PV (M)	72.42	74.50	76.62
Year 4 PV (M)	71.18	73.92	76.74
Year 5 PV (M)	69.96	73.34	76.84
PV of Terminal Value (M)	1,361.03	1,426.77	1,495.02
Equity Value (M)	1,723.22	1,799.26	1,878.09
Shares Outstanding (M)	488.15	488.15	488.15
Fair Value	$3.53	$3.69	$3.85
Upside / Downside	-79.76%	-78.87%	-77.94%

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Western Metal Materials Co., Ltd. (002149.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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