DDM Analysis: 301186.SZ

Valuation Snapshot

Stable Growth	$125.10 - $305.93	$286.71
Multi-Stage	$44.42 - $48.63	$46.49
Blended Fair Value	$166.60
Current Price	$43.30
Upside	284.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.09%	0.00%	0.52	0.36	0.28	0.00	0.02	0.32	0.01	0.21	0.00	0.00
YoY Growth	-	-	44.83%	29.80%	13,711.64%	-88.55%	-94.56%	2,135.01%	-93.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.31%	0.89%	0.80%	0.01%	0.03%	0.53%	0.02%	0.34%	0.00%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130.30
(-) Cash Dividends Paid (M)	41.73
(=) Cash Retained (M)	88.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.06	16.29	9.77
Cash Retained (M)	88.58	88.58	88.58
(-) Cash Required (M)	-26.06	-16.29	-9.77
(=) Excess Retained (M)	62.52	72.29	78.81
(/) Shares Outstanding (M)	84.71	84.71	84.71
(=) Excess Retained per Share	0.74	0.85	0.93
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.74	0.85	0.93
(=) Adjusted Dividend	1.23	1.35	1.42
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.10	$286.71	$305.93
Upside / Downside	188.92%	562.14%	606.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.30	138.77	147.79	157.40	167.63	178.53	183.88
Payout Ratio	32.02%	43.62%	55.21%	66.81%	78.40%	90.00%	92.50%
Projected Dividends (M)	41.73	60.53	81.60	105.16	131.43	160.68	170.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.28	56.81	57.35
Year 2 PV (M)	70.55	71.89	73.25
Year 3 PV (M)	84.53	86.96	89.43
Year 4 PV (M)	98.24	102.02	105.90
Year 5 PV (M)	111.67	117.07	122.67
PV of Terminal Value (M)	3,341.51	3,502.90	3,670.48
Equity Value (M)	3,762.79	3,937.66	4,119.08
Shares Outstanding (M)	84.71	84.71	84.71
Fair Value	$44.42	$46.49	$48.63
Upside / Downside	2.59%	7.36%	12.31%

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Nantong Chaoda Equipment Co.,Ltd. (301186.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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