DDM Analysis: 300395.SZ

Valuation Snapshot

Stable Growth	$15.94 - $35.07	$22.92
Multi-Stage	$11.48 - $12.55	$12.00
Blended Fair Value	$17.46
Current Price	$75.70
Upside	-76.93%
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	14.94%	25.95%	0.24	0.20	0.15	0.12	0.12	0.12	0.09	0.10	0.06	0.03
YoY Growth	-	-	18.55%	31.23%	28.25%	0.13%	0.41%	33.18%	-7.50%	50.21%	101.73%	34.17%
Dividend Yield	-	-	0.54%	0.68%	0.35%	0.32%	0.48%	0.86%	0.67%	0.98%	0.62%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	413.29
(-) Cash Dividends Paid (M)	72.59
(=) Cash Retained (M)	340.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.66	51.66	31.00
Cash Retained (M)	340.70	340.70	340.70
(-) Cash Required (M)	-82.66	-51.66	-31.00
(=) Excess Retained (M)	258.04	289.04	309.71
(/) Shares Outstanding (M)	508.15	508.15	508.15
(=) Excess Retained per Share	0.51	0.57	0.61
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.51	0.57	0.61
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.94	$22.92	$35.07
Upside / Downside	-78.94%	-69.72%	-53.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	413.29	440.16	468.77	499.24	531.69	566.25	583.24
Payout Ratio	17.56%	32.05%	46.54%	61.03%	75.51%	90.00%	92.50%
Projected Dividends (M)	72.59	141.08	218.16	304.66	401.49	509.62	539.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	127.27	128.48	129.68
Year 2 PV (M)	177.55	180.93	184.35
Year 3 PV (M)	223.69	230.11	236.66
Year 4 PV (M)	265.94	276.17	286.69
Year 5 PV (M)	304.53	319.24	334.51
PV of Terminal Value (M)	4,736.58	4,965.36	5,202.89
Equity Value (M)	5,835.56	6,100.28	6,374.77
Shares Outstanding (M)	508.15	508.15	508.15
Fair Value	$11.48	$12.00	$12.55
Upside / Downside	-84.83%	-84.14%	-83.43%

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Hubei Feilihua Quartz Glass Co., Ltd. (300395.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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