DDM Analysis: 688087.SS

Valuation Snapshot

Stable Growth	$308.69 - $363.69	$340.83
Multi-Stage	$85.50 - $93.74	$89.55
Blended Fair Value	$215.19
Current Price	$26.41
Upside	714.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	41.08%	0.00%	0.49	0.28	0.17	0.02	0.04	0.09	0.06	0.03	0.00	0.00
YoY Growth	-	-	76.79%	60.10%	910.18%	-60.36%	-50.70%	41.27%	87.77%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.78%	1.11%	0.58%	0.04%	0.08%	0.16%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	339.02
(-) Cash Dividends Paid (M)	57.18
(=) Cash Retained (M)	281.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.80	42.38	25.43
Cash Retained (M)	281.84	281.84	281.84
(-) Cash Required (M)	-67.80	-42.38	-25.43
(=) Excess Retained (M)	214.04	239.46	256.41
(/) Shares Outstanding (M)	185.38	185.38	185.38
(=) Excess Retained per Share	1.15	1.29	1.38
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	1.15	1.29	1.38
(=) Adjusted Dividend	1.46	1.60	1.69
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$308.69	$340.83	$363.69
Upside / Downside	1,068.84%	1,190.53%	1,277.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	339.02	361.05	384.52	409.52	436.13	464.48	478.42
Payout Ratio	16.87%	31.49%	46.12%	60.75%	75.37%	90.00%	92.50%
Projected Dividends (M)	57.18	113.71	177.34	248.77	328.73	418.04	442.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	107.06	108.07	109.09
Year 2 PV (M)	157.21	160.21	163.23
Year 3 PV (M)	207.64	213.60	219.68
Year 4 PV (M)	258.35	268.28	278.50
Year 5 PV (M)	309.33	324.27	339.78
PV of Terminal Value (M)	14,810.44	15,525.79	16,268.52
Equity Value (M)	15,850.04	16,600.23	17,378.80
Shares Outstanding (M)	185.38	185.38	185.38
Fair Value	$85.50	$89.55	$93.74
Upside / Downside	223.73%	239.06%	254.96%

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Shandong Intco Recycling Resources Co., Ltd. (688087.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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