DDM Analysis: 603031.SS

Valuation Snapshot

Stable Growth	$65.64 - $179.03	$167.78
Multi-Stage	$25.42 - $27.81	$26.59
Blended Fair Value	$97.18
Current Price	$42.78
Upside	127.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.55%	16.12%	0.65	0.44	0.36	0.11	0.08	0.11	0.06	0.13	0.11	0.15
YoY Growth	-	-	48.80%	21.80%	241.66%	31.66%	-27.80%	97.34%	-58.16%	27.41%	-28.22%	0.34%
Dividend Yield	-	-	2.26%	1.31%	1.11%	0.36%	0.42%	0.50%	0.58%	1.17%	0.44%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	192.66
(-) Cash Dividends Paid (M)	96.59
(=) Cash Retained (M)	96.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.53	24.08	14.45
Cash Retained (M)	96.07	96.07	96.07
(-) Cash Required (M)	-38.53	-24.08	-14.45
(=) Excess Retained (M)	57.54	71.99	81.62
(/) Shares Outstanding (M)	214.02	214.02	214.02
(=) Excess Retained per Share	0.27	0.34	0.38
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.27	0.34	0.38
(=) Adjusted Dividend	0.72	0.79	0.83
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.64	$167.78	$179.03
Upside / Downside	53.42%	292.18%	318.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	192.66	205.18	218.52	232.72	247.85	263.96	271.88
Payout Ratio	50.13%	58.11%	66.08%	74.05%	82.03%	90.00%	92.50%
Projected Dividends (M)	96.59	119.22	144.40	172.34	203.30	237.56	251.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	110.73	111.78	112.83
Year 2 PV (M)	124.56	126.93	129.33
Year 3 PV (M)	138.07	142.04	146.08
Year 4 PV (M)	151.28	157.10	163.08
Year 5 PV (M)	164.18	172.11	180.35
PV of Terminal Value (M)	4,752.00	4,981.53	5,219.83
Equity Value (M)	5,440.83	5,691.49	5,951.50
Shares Outstanding (M)	214.02	214.02	214.02
Fair Value	$25.42	$26.59	$27.81
Upside / Downside	-40.57%	-37.84%	-35.00%

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Anhui Anfu Battery Technology Co., Ltd. (603031.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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