DDM Analysis: 000028.SZ

Valuation Snapshot

Stable Growth	$81.38 - $190.76	$178.77
Multi-Stage	$28.70 - $31.38	$30.02
Blended Fair Value	$104.39
Current Price	$25.00
Upside	317.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.66%	24.91%	1.08	0.62	0.46	0.62	0.46	0.31	0.23	0.25	0.24	0.13
YoY Growth	-	-	76.28%	33.33%	-25.00%	33.33%	50.00%	33.33%	-9.09%	4.92%	85.67%	11.11%
Dividend Yield	-	-	4.24%	1.98%	1.36%	2.36%	1.42%	1.00%	0.58%	0.55%	0.42%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	534.07
(-) Cash Dividends Paid (M)	353.36
(=) Cash Retained (M)	180.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.81	66.76	40.06
Cash Retained (M)	180.71	180.71	180.71
(-) Cash Required (M)	-106.81	-66.76	-40.06
(=) Excess Retained (M)	73.90	113.95	140.66
(/) Shares Outstanding (M)	556.78	556.78	556.78
(=) Excess Retained per Share	0.13	0.20	0.25
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	0.13	0.20	0.25
(=) Adjusted Dividend	0.77	0.84	0.89
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.38	$178.77	$190.76
Upside / Downside	225.52%	615.09%	663.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	534.07	568.78	605.76	645.13	687.06	731.72	753.67
Payout Ratio	66.16%	70.93%	75.70%	80.47%	85.23%	90.00%	92.50%
Projected Dividends (M)	353.36	403.44	458.55	519.11	585.60	658.55	697.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	375.28	378.84	382.40
Year 2 PV (M)	396.76	404.32	411.95
Year 3 PV (M)	417.81	429.80	442.03
Year 4 PV (M)	438.43	455.29	472.63
Year 5 PV (M)	458.63	480.78	503.78
PV of Terminal Value (M)	13,892.28	14,563.28	15,259.96
Equity Value (M)	15,979.19	16,712.31	17,472.74
Shares Outstanding (M)	556.78	556.78	556.78
Fair Value	$28.70	$30.02	$31.38
Upside / Downside	14.80%	20.06%	25.53%

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GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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China National Accord Medicines Corporation Ltd. (000028.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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