DDM Analysis: 600580.SS

Valuation Snapshot

Stable Growth	$29.64 - $130.27	$70.62
Multi-Stage	$61.68 - $67.95	$64.75
Blended Fair Value	$67.69
Current Price	$48.42
Upside	39.79%
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	-2.37%	2.99%	0.27	0.31	0.33	0.32	0.34	0.30	0.27	0.22	0.22	0.05
YoY Growth	-	-	-15.61%	-3.76%	3.09%	-6.95%	13.84%	8.87%	26.59%	0.42%	361.96%	-76.33%
Dividend Yield	-	-	1.20%	2.31%	3.11%	2.90%	3.76%	3.48%	3.42%	2.97%	3.09%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	973.19
(-) Cash Dividends Paid (M)	367.22
(=) Cash Retained (M)	605.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.64	121.65	72.99
Cash Retained (M)	605.97	605.97	605.97
(-) Cash Required (M)	-194.64	-121.65	-72.99
(=) Excess Retained (M)	411.34	484.33	532.98
(/) Shares Outstanding (M)	1,423.29	1,423.29	1,423.29
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	2.85%	2.85%	2.85%
Growth Rate	0.99%	1.99%	2.99%
Fair Value	$29.64	$70.62	$130.27
Upside / Downside	-38.80%	45.85%	169.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	973.19	992.52	1,012.23	1,032.33	1,052.83	1,073.74	1,105.95
Payout Ratio	37.73%	48.19%	58.64%	69.09%	79.55%	90.00%	92.50%
Projected Dividends (M)	367.22	478.26	593.57	713.27	837.49	966.36	1,023.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.85%	2.85%	2.85%
Growth Rate	0.99%	1.99%	2.99%
Year 1 PV (M)	460.45	465.01	469.57
Year 2 PV (M)	550.18	561.13	572.19
Year 3 PV (M)	636.51	655.61	675.08
Year 4 PV (M)	719.53	748.46	778.25
Year 5 PV (M)	799.33	839.70	881.68
PV of Terminal Value (M)	84,617.95	88,891.34	93,335.67
Equity Value (M)	87,783.95	92,161.25	96,712.44
Shares Outstanding (M)	1,423.29	1,423.29	1,423.29
Fair Value	$61.68	$64.75	$67.95
Upside / Downside	27.38%	33.73%	40.33%

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Wolong Electric Group Co.,Ltd. (600580.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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