DDM Analysis: 605167.SS

Valuation Snapshot

Stable Growth	$82.60 - $97.32	$91.20
Multi-Stage	$58.33 - $64.01	$61.12
Blended Fair Value	$76.16
Current Price	$10.50
Upside	625.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	54.72%	0.00%	0.06	0.05	0.01	0.13	0.07	0.01	0.07	0.04	0.00	0.00
YoY Growth	-	-	10.67%	581.10%	-94.11%	73.00%	1,053.82%	-90.87%	84.56%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.58%	0.53%	0.09%	1.46%	1.05%	0.09%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	218.17
(-) Cash Dividends Paid (M)	57.05
(=) Cash Retained (M)	161.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.63	27.27	16.36
Cash Retained (M)	161.12	161.12	161.12
(-) Cash Required (M)	-43.63	-27.27	-16.36
(=) Excess Retained (M)	117.49	133.85	144.76
(/) Shares Outstanding (M)	445.84	445.84	445.84
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.60	$91.20	$97.32
Upside / Downside	686.68%	768.58%	826.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	218.17	232.35	247.45	263.54	280.67	298.91	307.88
Payout Ratio	26.15%	38.92%	51.69%	64.46%	77.23%	90.00%	92.50%
Projected Dividends (M)	57.05	90.43	127.91	169.87	216.76	269.02	284.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	88.24	89.08	89.92
Year 2 PV (M)	121.80	124.12	126.46
Year 3 PV (M)	157.86	162.39	167.01
Year 4 PV (M)	196.57	204.13	211.90
Year 5 PV (M)	238.07	249.57	261.51
PV of Terminal Value (M)	25,202.27	26,419.55	27,683.41
Equity Value (M)	26,004.81	27,248.83	28,540.21
Shares Outstanding (M)	445.84	445.84	445.84
Fair Value	$58.33	$61.12	$64.01
Upside / Downside	455.50%	482.07%	509.66%

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Jiangsu Libert Inc. (605167.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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