DDM Analysis: 300346.SZ

Valuation Snapshot

Stable Growth	$37.89 - $97.52	$91.39
Multi-Stage	$13.88 - $15.20	$14.53
Blended Fair Value	$52.96
Current Price	$43.42
Upside	21.96%
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	16.40%	11.26%	0.09	0.10	0.06	0.04	0.03	0.04	0.03	0.02	0.03	0.03
YoY Growth	-	-	-10.44%	82.40%	43.87%	33.25%	-31.77%	41.67%	100.00%	-40.00%	-20.00%	0.00%
Dividend Yield	-	-	0.31%	0.40%	0.19%	0.13%	0.13%	0.23%	0.42%	0.18%	0.28%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	306.16
(-) Cash Dividends Paid (M)	80.43
(=) Cash Retained (M)	225.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.23	38.27	22.96
Cash Retained (M)	225.73	225.73	225.73
(-) Cash Required (M)	-61.23	-38.27	-22.96
(=) Excess Retained (M)	164.50	187.46	202.76
(/) Shares Outstanding (M)	624.36	624.36	624.36
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.89	$91.39	$97.52
Upside / Downside	-12.74%	110.48%	124.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	306.16	326.06	347.25	369.82	393.86	419.46	432.04
Payout Ratio	26.27%	39.02%	51.76%	64.51%	77.25%	90.00%	92.50%
Projected Dividends (M)	80.43	127.22	179.74	238.56	304.27	377.51	399.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	118.23	119.35	120.47
Year 2 PV (M)	155.24	158.20	161.18
Year 3 PV (M)	191.49	196.98	202.58
Year 4 PV (M)	226.97	235.70	244.68
Year 5 PV (M)	261.71	274.35	287.47
PV of Terminal Value (M)	7,712.25	8,084.76	8,471.52
Equity Value (M)	8,665.89	9,069.34	9,487.91
Shares Outstanding (M)	624.36	624.36	624.36
Fair Value	$13.88	$14.53	$15.20
Upside / Downside	-68.03%	-66.55%	-65.00%

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Jiangsu Nata Opto-electronic Material Co., Ltd. (300346.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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