DDM Analysis: 000878.SZ

Valuation Snapshot

Stable Growth	$23.99 - $127.73	$47.52
Multi-Stage	$15.66 - $17.12	$16.38
Blended Fair Value	$31.95
Current Price	$17.48
Upside	82.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.93%	6.45%	0.67	0.67	0.53	0.78	0.48	0.48	0.44	0.27	0.33	0.31
YoY Growth	-	-	-1.36%	28.00%	-32.27%	63.48%	-0.03%	9.44%	59.26%	-16.32%	3.89%	-11.80%
Dividend Yield	-	-	5.15%	5.09%	4.09%	6.92%	3.53%	4.89%	3.92%	2.39%	2.33%	2.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,293.75
(-) Cash Dividends Paid (M)	872.38
(=) Cash Retained (M)	421.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	258.75	161.72	97.03
Cash Retained (M)	421.37	421.37	421.37
(-) Cash Required (M)	-258.75	-161.72	-97.03
(=) Excess Retained (M)	162.62	259.65	324.34
(/) Shares Outstanding (M)	2,003.63	2,003.63	2,003.63
(=) Excess Retained per Share	0.08	0.13	0.16
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.08	0.13	0.16
(=) Adjusted Dividend	0.52	0.56	0.60
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	4.93%	5.93%	6.93%
Fair Value	$23.99	$47.52	$127.73
Upside / Downside	37.24%	171.88%	630.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,293.75	1,370.41	1,451.61	1,537.62	1,628.73	1,725.24	1,777.00
Payout Ratio	67.43%	71.94%	76.46%	80.97%	85.49%	90.00%	92.50%
Projected Dividends (M)	872.38	985.93	1,109.87	1,245.05	1,392.34	1,552.72	1,643.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	4.93%	5.93%	6.93%
Year 1 PV (M)	911.16	919.84	928.52
Year 2 PV (M)	947.91	966.07	984.40
Year 3 PV (M)	982.72	1,011.08	1,039.99
Year 4 PV (M)	1,015.63	1,054.91	1,095.31
Year 5 PV (M)	1,046.72	1,097.56	1,150.36
PV of Terminal Value (M)	26,479.37	27,765.47	29,101.07
Equity Value (M)	31,383.51	32,814.93	34,299.65
Shares Outstanding (M)	2,003.63	2,003.63	2,003.63
Fair Value	$15.66	$16.38	$17.12
Upside / Downside	-10.39%	-6.31%	-2.07%

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Yunnan Copper Co., Ltd. (000878.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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