DDM Analysis: 600299.SS

Valuation Snapshot

Stable Growth	$3.18 - $4.63	$3.89
Multi-Stage	$8.55 - $9.43	$8.98
Blended Fair Value	$6.43
Current Price	$9.41
Upside	-31.62%
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	-17.56%	-4.02%	0.10	0.19	0.18	0.17	0.15	0.27	0.18	0.23	0.15	0.16
YoY Growth	-	-	-46.34%	10.05%	1.14%	12.82%	-43.48%	53.92%	-23.45%	52.93%	-6.47%	3.35%
Dividend Yield	-	-	0.98%	2.18%	2.00%	1.77%	1.11%	2.34%	1.40%	1.72%	1.08%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,191.43
(-) Cash Dividends Paid (M)	557.73
(=) Cash Retained (M)	633.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	238.29	148.93	89.36
Cash Retained (M)	633.70	633.70	633.70
(-) Cash Required (M)	-238.29	-148.93	-89.36
(=) Excess Retained (M)	395.41	484.77	544.34
(/) Shares Outstanding (M)	2,707.98	2,707.98	2,707.98
(=) Excess Retained per Share	0.15	0.18	0.20
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.15	0.18	0.20
(=) Adjusted Dividend	0.35	0.38	0.41
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-4.23%	-3.23%	-2.23%
Fair Value	$3.18	$3.89	$4.63
Upside / Downside	-66.16%	-58.69%	-50.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,191.43	1,152.95	1,115.70	1,079.66	1,044.79	1,011.04	1,041.37
Payout Ratio	46.81%	55.45%	64.09%	72.72%	81.36%	90.00%	92.50%
Projected Dividends (M)	557.73	639.30	715.02	785.18	850.06	909.93	963.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-4.23%	-3.23%	-2.23%
Year 1 PV (M)	594.89	601.11	607.32
Year 2 PV (M)	619.14	632.13	645.26
Year 3 PV (M)	632.66	652.69	673.13
Year 4 PV (M)	637.36	664.40	692.29
Year 5 PV (M)	634.86	668.70	703.97
PV of Terminal Value (M)	20,035.15	21,103.23	22,216.39
Equity Value (M)	23,154.06	24,322.26	25,538.36
Shares Outstanding (M)	2,707.98	2,707.98	2,707.98
Fair Value	$8.55	$8.98	$9.43
Upside / Downside	-9.14%	-4.55%	0.22%

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Bluestar Adisseo Company (600299.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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