DDM Analysis: 300596.SZ

Valuation Snapshot

Stable Growth	$188.07 - $436.99	$409.52
Multi-Stage	$64.30 - $70.40	$67.30
Blended Fair Value	$238.41
Current Price	$39.04
Upside	510.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.34%	37.44%	0.64	0.34	0.27	0.19	0.17	0.13	0.09	0.05	0.00	0.03
YoY Growth	-	-	85.93%	25.91%	42.33%	11.98%	35.82%	47.71%	55.71%	0.00%	-100.00%	6.40%
Dividend Yield	-	-	2.10%	1.42%	0.59%	0.42%	0.43%	0.42%	0.22%	0.27%	0.00%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	504.54
(-) Cash Dividends Paid (M)	145.96
(=) Cash Retained (M)	358.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.91	63.07	37.84
Cash Retained (M)	358.58	358.58	358.58
(-) Cash Required (M)	-100.91	-63.07	-37.84
(=) Excess Retained (M)	257.68	295.52	320.74
(/) Shares Outstanding (M)	229.62	229.62	229.62
(=) Excess Retained per Share	1.12	1.29	1.40
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	1.12	1.29	1.40
(=) Adjusted Dividend	1.76	1.92	2.03
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$188.07	$409.52	$436.99
Upside / Downside	381.73%	948.98%	1,019.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	504.54	537.34	572.26	609.46	649.08	691.27	712.01
Payout Ratio	28.93%	41.14%	53.36%	65.57%	77.79%	90.00%	92.50%
Projected Dividends (M)	145.96	221.08	305.35	399.63	504.89	622.14	658.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	205.66	207.61	209.56
Year 2 PV (M)	264.25	269.28	274.36
Year 3 PV (M)	321.73	330.97	340.38
Year 4 PV (M)	378.13	392.67	407.62
Year 5 PV (M)	433.45	454.38	476.12
PV of Terminal Value (M)	13,162.39	13,798.14	14,458.22
Equity Value (M)	14,765.61	15,453.05	16,166.27
Shares Outstanding (M)	229.62	229.62	229.62
Fair Value	$64.30	$67.30	$70.40
Upside / Downside	64.71%	72.38%	80.34%

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Rianlon Corporation (300596.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener