DDM Analysis: 300834.SZ

Valuation Snapshot

Stable Growth	$3.42 - $5.31	$4.29
Multi-Stage	$4.66 - $5.12	$4.88
Blended Fair Value	$4.59
Current Price	$22.90
Upside	-79.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	3.99%	0.00%	0.25	0.38	2.30	0.00	0.26	0.20	0.15	0.17	0.00	0.00
YoY Growth	-	-	-34.52%	-83.68%	105,995.79%	-99.15%	26.80%	30.50%	-7.37%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.20%	1.94%	8.76%	0.01%	0.51%	0.40%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.75
(-) Cash Dividends Paid (M)	7.61
(=) Cash Retained (M)	58.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.15	8.22	4.93
Cash Retained (M)	58.14	58.14	58.14
(-) Cash Required (M)	-13.15	-8.22	-4.93
(=) Excess Retained (M)	44.99	49.92	53.21
(/) Shares Outstanding (M)	185.76	185.76	185.76
(=) Excess Retained per Share	0.24	0.27	0.29
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.24	0.27	0.29
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	0.52%	1.52%	2.52%
Fair Value	$3.42	$4.29	$5.31
Upside / Downside	-85.07%	-81.26%	-76.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.75	66.75	67.77	68.80	69.85	70.91	73.04
Payout Ratio	11.57%	27.26%	42.94%	58.63%	74.31%	90.00%	92.50%
Projected Dividends (M)	7.61	18.20	29.10	40.34	51.91	63.82	67.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	0.52%	1.52%	2.52%
Year 1 PV (M)	16.55	16.72	16.88
Year 2 PV (M)	24.08	24.56	25.05
Year 3 PV (M)	30.36	31.28	32.21
Year 4 PV (M)	35.54	36.98	38.46
Year 5 PV (M)	39.75	41.77	43.87
PV of Terminal Value (M)	719.44	755.95	793.92
Equity Value (M)	865.73	907.25	950.38
Shares Outstanding (M)	185.76	185.76	185.76
Fair Value	$4.66	$4.88	$5.12
Upside / Downside	-79.65%	-78.67%	-77.66%

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Rastar Environmental Protection Materials Co.,Ltd. (300834.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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