DDM Analysis: 002708.SZ

Valuation Snapshot

Stable Growth	$22.40 - $26.39	$24.73
Multi-Stage	$17.15 - $18.82	$17.97
Blended Fair Value	$21.35
Current Price	$13.95
Upside	53.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.64%	4.64%	0.05	0.05	0.04	0.02	0.01	0.02	0.04	0.05	0.04	0.06
YoY Growth	-	-	7.52%	29.55%	60.77%	48.22%	-29.18%	-46.64%	-22.30%	24.47%	-27.45%	78.80%
Dividend Yield	-	-	0.38%	0.44%	0.55%	0.41%	0.25%	0.34%	0.40%	0.87%	0.34%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.42
(-) Cash Dividends Paid (M)	23.28
(=) Cash Retained (M)	51.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.88	9.30	5.58
Cash Retained (M)	51.14	51.14	51.14
(-) Cash Required (M)	-14.88	-9.30	-5.58
(=) Excess Retained (M)	36.26	41.84	45.56
(/) Shares Outstanding (M)	560.80	560.80	560.80
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.11	0.12	0.12
WACC / Discount Rate	-0.11%	-0.11%	-0.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.40	$24.73	$26.39
Upside / Downside	60.58%	77.30%	89.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.42	79.26	84.41	89.90	95.74	101.96	105.02
Payout Ratio	31.28%	43.03%	54.77%	66.51%	78.26%	90.00%	92.50%
Projected Dividends (M)	23.28	34.10	46.23	59.79	74.92	91.77	97.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.11%	-0.11%	-0.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.82	34.14	34.46
Year 2 PV (M)	45.47	46.34	47.21
Year 3 PV (M)	58.32	60.00	61.70
Year 4 PV (M)	72.48	75.27	78.13
Year 5 PV (M)	88.04	92.29	96.71
PV of Terminal Value (M)	9,320.02	9,770.18	10,237.57
Equity Value (M)	9,618.16	10,078.22	10,555.79
Shares Outstanding (M)	560.80	560.80	560.80
Fair Value	$17.15	$17.97	$18.82
Upside / Downside	22.94%	28.83%	34.93%

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Changzhou Nrb Corporation (002708.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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