DDM Analysis: 300452.SZ

Valuation Snapshot

Stable Growth	$43.92 - $107.07	$100.34
Multi-Stage	$15.84 - $17.32	$16.57
Blended Fair Value	$58.45
Current Price	$12.91
Upside	352.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.15%	23.83%	0.25	0.25	0.23	0.19	0.15	0.12	0.09	0.08	0.04	0.03
YoY Growth	-	-	-1.30%	8.05%	19.44%	32.07%	25.67%	23.63%	13.33%	114.66%	33.33%	0.00%
Dividend Yield	-	-	2.09%	1.93%	1.22%	1.23%	1.16%	1.15%	0.92%	0.90%	0.28%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	129.56
(-) Cash Dividends Paid (M)	75.74
(=) Cash Retained (M)	53.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.91	16.20	9.72
Cash Retained (M)	53.82	53.82	53.82
(-) Cash Required (M)	-25.91	-16.20	-9.72
(=) Excess Retained (M)	27.91	37.62	44.10
(/) Shares Outstanding (M)	240.65	240.65	240.65
(=) Excess Retained per Share	0.12	0.16	0.18
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.12	0.16	0.18
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.92	$100.34	$107.07
Upside / Downside	240.18%	677.23%	729.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129.56	137.98	146.95	156.51	166.68	177.51	182.84
Payout Ratio	58.46%	64.77%	71.08%	77.38%	83.69%	90.00%	92.50%
Projected Dividends (M)	75.74	89.37	104.45	121.11	139.50	159.76	169.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	83.10	83.89	84.68
Year 2 PV (M)	90.31	92.03	93.76
Year 3 PV (M)	97.37	100.16	103.01
Year 4 PV (M)	104.28	108.29	112.42
Year 5 PV (M)	111.05	116.42	121.99
PV of Terminal Value (M)	3,325.99	3,486.64	3,653.43
Equity Value (M)	3,812.10	3,987.43	4,169.29
Shares Outstanding (M)	240.65	240.65	240.65
Fair Value	$15.84	$16.57	$17.32
Upside / Downside	22.70%	28.34%	34.20%

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Anhui Sunhere Pharmaceutical Excipients Co.,Ltd. (300452.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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