DDM Analysis: 600301.SS

Valuation Snapshot

Stable Growth	$163.28 - $192.37	$180.28
Multi-Stage	$285.61 - $313.59	$299.34
Blended Fair Value	$239.81
Current Price	$33.84
Upside	608.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	47.67%	0.19	0.11	0.17	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	82.77%	-35.87%	1,478.94%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	0.87%	0.75%	0.99%	0.06%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	611.58
(-) Cash Dividends Paid (M)	51.66
(=) Cash Retained (M)	559.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.32	76.45	45.87
Cash Retained (M)	559.92	559.92	559.92
(-) Cash Required (M)	-122.32	-76.45	-45.87
(=) Excess Retained (M)	437.60	483.47	514.05
(/) Shares Outstanding (M)	632.27	632.27	632.27
(=) Excess Retained per Share	0.69	0.76	0.81
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.69	0.76	0.81
(=) Adjusted Dividend	0.77	0.85	0.89
WACC / Discount Rate	-15.48%	-15.48%	-15.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$163.28	$180.28	$192.37
Upside / Downside	382.49%	432.73%	468.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	611.58	651.33	693.67	738.75	786.77	837.91	863.05
Payout Ratio	8.45%	24.76%	41.07%	57.38%	73.69%	90.00%	92.50%
Projected Dividends (M)	51.66	161.25	284.88	423.89	579.77	754.12	798.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-15.48%	-15.48%	-15.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	189.00	190.79	192.58
Year 2 PV (M)	391.33	398.78	406.31
Year 3 PV (M)	682.46	702.05	722.02
Year 4 PV (M)	1,094.02	1,136.09	1,179.36
Year 5 PV (M)	1,667.84	1,748.39	1,832.03
PV of Terminal Value (M)	176,558.96	185,086.82	193,941.06
Equity Value (M)	180,583.59	189,262.92	198,273.36
Shares Outstanding (M)	632.27	632.27	632.27
Fair Value	$285.61	$299.34	$313.59
Upside / Downside	744.01%	784.57%	826.68%

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Guangxi Huaxi Nonferrous Metal Co., Ltd. Class A (600301.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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