DDM Analysis: 600071.SS

Valuation Snapshot

Stable Growth	$14.56 - $45.39	$42.54
Multi-Stage	$6.04 - $6.61	$6.32
Blended Fair Value	$24.43
Current Price	$23.85
Upside	2.44%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	48.23%	25.23%	0.08	0.09	0.08	0.06	0.05	0.01	0.01	0.02	0.01	0.02
YoY Growth	-	-	-10.50%	20.99%	34.09%	16.46%	323.21%	-12.29%	-37.28%	42.48%	-39.28%	178.38%
Dividend Yield	-	-	0.40%	0.48%	0.36%	0.16%	0.37%	0.13%	0.10%	0.13%	0.07%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.83
(-) Cash Dividends Paid (M)	15.02
(=) Cash Retained (M)	47.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.57	7.85	4.71
Cash Retained (M)	47.81	47.81	47.81
(-) Cash Required (M)	-12.57	-7.85	-4.71
(=) Excess Retained (M)	35.24	39.96	43.10
(/) Shares Outstanding (M)	275.24	275.24	275.24
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.56	$42.54	$45.39
Upside / Downside	-38.93%	78.37%	90.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.83	66.91	71.26	75.89	80.82	86.08	88.66
Payout Ratio	23.90%	37.12%	50.34%	63.56%	76.78%	90.00%	92.50%
Projected Dividends (M)	15.02	24.84	35.87	48.24	62.06	77.47	82.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.03	23.25	23.47
Year 2 PV (M)	30.85	31.44	32.03
Year 3 PV (M)	38.47	39.57	40.70
Year 4 PV (M)	45.89	47.66	49.47
Year 5 PV (M)	53.13	55.69	58.36
PV of Terminal Value (M)	1,471.27	1,542.33	1,616.11
Equity Value (M)	1,662.64	1,739.94	1,820.14
Shares Outstanding (M)	275.24	275.24	275.24
Fair Value	$6.04	$6.32	$6.61
Upside / Downside	-74.67%	-73.49%	-72.27%

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Phenix Optical Company Limited (600071.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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