DDM Analysis: 002985.SZ

Valuation Snapshot

Stable Growth	$1.23 - $1.75	$1.48
Multi-Stage	$1.93 - $2.12	$2.02
Blended Fair Value	$1.75
Current Price	$29.21
Upside	-94.00%
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%	0.42	0.00	0.15	0.14	0.45	0.00	0.03	0.17	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	11.39%	-69.54%	0.00%	-100.00%	-80.53%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.66%	0.00%	0.33%	0.25%	0.68%	0.00%	0.22%	1.15%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.44
(-) Cash Dividends Paid (M)	21.42
(=) Cash Retained (M)	39.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.09	7.56	4.53
Cash Retained (M)	39.02	39.02	39.02
(-) Cash Required (M)	-12.09	-7.56	-4.53
(=) Excess Retained (M)	26.93	31.46	34.49
(/) Shares Outstanding (M)	332.40	332.40	332.40
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.23	$1.48	$1.75
Upside / Downside	-95.80%	-94.92%	-94.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.44	59.84	59.24	58.65	58.06	57.48	59.21
Payout Ratio	35.45%	46.36%	57.27%	68.18%	79.09%	90.00%	92.50%
Projected Dividends (M)	21.42	27.74	33.93	39.99	45.92	51.73	54.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	25.05	25.31	25.56
Year 2 PV (M)	27.67	28.24	28.81
Year 3 PV (M)	29.45	30.36	31.29
Year 4 PV (M)	30.55	31.82	33.12
Year 5 PV (M)	31.08	32.70	34.39
PV of Terminal Value (M)	497.93	523.85	550.85
Equity Value (M)	641.73	672.28	704.03
Shares Outstanding (M)	332.40	332.40	332.40
Fair Value	$1.93	$2.02	$2.12
Upside / Downside	-93.39%	-93.08%	-92.75%

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Beijing Beimo High-tech Frictional Material Co.,Ltd (002985.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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