DDM Analysis: 300725.SZ

Valuation Snapshot

Stable Growth	$170.00 - $200.29	$187.70
Multi-Stage	$46.74 - $51.23	$48.95
Blended Fair Value	$118.32
Current Price	$41.42
Upside	185.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.80%	27.53%	0.39	0.21	0.17	0.11	0.11	0.11	0.07	0.00	0.00	0.05
YoY Growth	-	-	87.02%	23.83%	50.43%	3.06%	-1.28%	50.00%	23,945.44%	-87.99%	-94.93%	46.07%
Dividend Yield	-	-	1.11%	0.53%	0.24%	0.12%	0.09%	0.20%	0.12%	0.00%	0.04%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	201.14
(-) Cash Dividends Paid (M)	70.03
(=) Cash Retained (M)	131.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.23	25.14	15.09
Cash Retained (M)	131.11	131.11	131.11
(-) Cash Required (M)	-40.23	-25.14	-15.09
(=) Excess Retained (M)	90.89	105.97	116.03
(/) Shares Outstanding (M)	199.72	199.72	199.72
(=) Excess Retained per Share	0.46	0.53	0.58
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.46	0.53	0.58
(=) Adjusted Dividend	0.81	0.88	0.93
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$170.00	$187.70	$200.29
Upside / Downside	310.43%	353.16%	383.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.14	214.21	228.14	242.97	258.76	275.58	283.85
Payout Ratio	34.81%	45.85%	56.89%	67.93%	78.96%	90.00%	92.50%
Projected Dividends (M)	70.03	98.22	129.78	165.04	204.32	248.02	262.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	92.45	93.33	94.20
Year 2 PV (M)	114.98	117.17	119.39
Year 3 PV (M)	137.63	141.58	145.60
Year 4 PV (M)	160.38	166.55	172.89
Year 5 PV (M)	183.24	192.09	201.28
PV of Terminal Value (M)	8,647.20	9,064.86	9,498.51
Equity Value (M)	9,335.89	9,775.59	10,231.88
Shares Outstanding (M)	199.72	199.72	199.72
Fair Value	$46.74	$48.95	$51.23
Upside / Downside	12.86%	18.17%	23.69%

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PharmaBlock Sciences (Nanjing), Inc. (300725.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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