DDM Analysis: 000862.SZ

Valuation Snapshot

Stable Growth	$0.83 - $1.16	$0.99
Multi-Stage	$2.46 - $2.71	$2.58
Blended Fair Value	$1.79
Current Price	$5.54
Upside	-67.73%
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	-13.18%	-10.89%	0.16	0.25	0.24	0.28	0.32	0.32	0.38	0.38	0.39	0.51
YoY Growth	-	-	-36.99%	6.51%	-15.42%	-11.88%	-1.36%	-14.22%	-0.69%	-3.50%	-22.74%	0.73%
Dividend Yield	-	-	3.28%	4.48%	3.58%	3.66%	6.62%	8.77%	5.52%	9.82%	4.96%	7.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.84
(-) Cash Dividends Paid (M)	105.11
(=) Cash Retained (M)	28.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.77	16.73	10.04
Cash Retained (M)	28.73	28.73	28.73
(-) Cash Required (M)	-26.77	-16.73	-10.04
(=) Excess Retained (M)	1.96	12.00	18.69
(/) Shares Outstanding (M)	917.82	917.82	917.82
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.12	0.13	0.13
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-6.59%	-5.59%	-4.59%
Fair Value	$0.83	$0.99	$1.16
Upside / Downside	-85.02%	-82.07%	-79.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.84	126.36	119.30	112.63	106.34	100.39	103.40
Payout Ratio	78.53%	80.83%	83.12%	85.41%	87.71%	90.00%	92.50%
Projected Dividends (M)	105.11	102.13	99.16	96.20	93.26	90.35	95.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-6.59%	-5.59%	-4.59%
Year 1 PV (M)	94.85	95.86	96.88
Year 2 PV (M)	85.52	87.36	89.22
Year 3 PV (M)	77.05	79.55	82.11
Year 4 PV (M)	69.37	72.39	75.50
Year 5 PV (M)	62.41	65.83	69.39
PV of Terminal Value (M)	1,866.74	1,968.82	2,075.32
Equity Value (M)	2,255.94	2,369.81	2,488.42
Shares Outstanding (M)	917.82	917.82	917.82
Fair Value	$2.46	$2.58	$2.71
Upside / Downside	-55.63%	-53.39%	-51.06%

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Ning Xia Yin Xing Energy Co.,Ltd (000862.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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