DDM Analysis: 600206.SS

Valuation Snapshot

Stable Growth	$28.15 - $65.54	$61.42
Multi-Stage	$9.73 - $10.65	$10.18
Blended Fair Value	$35.80
Current Price	$22.54
Upside	58.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	84.66%	26.91%	0.18	0.16	0.12	0.14	0.02	0.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	10.47%	39.47%	-14.65%	794.19%	82.63%	0.00%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	1.09%	1.43%	0.78%	0.87%	0.13%	0.07%	0.00%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	278.47
(-) Cash Dividends Paid (M)	119.53
(=) Cash Retained (M)	158.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.69	34.81	20.89
Cash Retained (M)	158.94	158.94	158.94
(-) Cash Required (M)	-55.69	-34.81	-20.89
(=) Excess Retained (M)	103.25	124.13	138.06
(/) Shares Outstanding (M)	844.99	844.99	844.99
(=) Excess Retained per Share	0.12	0.15	0.16
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.12	0.15	0.16
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.15	$61.42	$65.54
Upside / Downside	24.89%	172.50%	190.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	278.47	296.57	315.85	336.38	358.24	381.53	392.97
Payout Ratio	42.92%	52.34%	61.75%	71.17%	80.58%	90.00%	92.50%
Projected Dividends (M)	119.53	155.22	195.05	239.40	288.69	343.37	363.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	144.39	145.76	147.13
Year 2 PV (M)	168.79	172.00	175.25
Year 3 PV (M)	192.72	198.25	203.89
Year 4 PV (M)	216.19	224.50	233.06
Year 5 PV (M)	239.21	250.76	262.76
PV of Terminal Value (M)	7,259.94	7,610.60	7,974.68
Equity Value (M)	8,221.24	8,601.88	8,996.76
Shares Outstanding (M)	844.99	844.99	844.99
Fair Value	$9.73	$10.18	$10.65
Upside / Downside	-56.84%	-54.84%	-52.76%

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Grinm Advanced Materials Co., Ltd. (600206.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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