DDM Analysis: 300748.SZ

Valuation Snapshot

Stable Growth	$76.23 - $89.81	$84.16
Multi-Stage	$22.84 - $25.04	$23.92
Blended Fair Value	$54.04
Current Price	$34.29
Upside	57.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	48.56%	19.75%	0.37	0.19	0.21	0.10	0.05	0.05	0.04	0.03	0.03	0.04
YoY Growth	-	-	91.13%	-5.86%	114.12%	75.27%	7.17%	16.33%	29.75%	-2.17%	-13.80%	-34.19%
Dividend Yield	-	-	1.89%	1.23%	1.16%	0.48%	0.39%	0.43%	0.43%	0.70%	0.71%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	609.62
(-) Cash Dividends Paid (M)	199.74
(=) Cash Retained (M)	409.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.92	76.20	45.72
Cash Retained (M)	409.88	409.88	409.88
(-) Cash Required (M)	-121.92	-76.20	-45.72
(=) Excess Retained (M)	287.96	333.68	364.16
(/) Shares Outstanding (M)	1,350.00	1,350.00	1,350.00
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	5.06%	5.06%	5.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$76.23	$84.16	$89.81
Upside / Downside	122.30%	145.44%	161.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	609.62	649.24	691.44	736.39	784.25	835.23	860.29
Payout Ratio	32.76%	44.21%	55.66%	67.11%	78.55%	90.00%	92.50%
Projected Dividends (M)	199.74	287.04	384.85	494.16	616.05	751.71	795.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.06%	5.06%	5.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.65	273.21	275.78
Year 2 PV (M)	342.14	348.66	355.24
Year 3 PV (M)	414.23	426.12	438.24
Year 4 PV (M)	486.91	505.64	524.90
Year 5 PV (M)	560.19	587.25	615.34
PV of Terminal Value (M)	28,761.71	30,150.92	31,593.29
Equity Value (M)	30,835.84	32,291.79	33,802.78
Shares Outstanding (M)	1,350.00	1,350.00	1,350.00
Fair Value	$22.84	$23.92	$25.04
Upside / Downside	-33.39%	-30.24%	-26.98%

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JL Mag Rare-Earth Co., Ltd. (300748.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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