DDM Analysis: 000737.SZ

Valuation Snapshot

Stable Growth	$21.04 - $80.44	$60.58
Multi-Stage	$9.91 - $10.85	$10.37
Blended Fair Value	$35.47
Current Price	$15.96
Upside	122.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	53.91%	13.07%	0.25	0.11	0.10	0.12	0.25	0.03	0.05	0.04	0.04	0.04
YoY Growth	-	-	135.33%	7.70%	-19.33%	-51.05%	762.86%	-38.93%	25.83%	6.05%	-18.26%	-40.65%
Dividend Yield	-	-	2.39%	1.20%	1.55%	1.86%	4.36%	1.09%	1.01%	0.98%	0.50%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	755.48
(-) Cash Dividends Paid (M)	209.26
(=) Cash Retained (M)	546.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151.10	94.43	56.66
Cash Retained (M)	546.22	546.22	546.22
(-) Cash Required (M)	-151.10	-94.43	-56.66
(=) Excess Retained (M)	395.12	451.78	489.56
(/) Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
(=) Excess Retained per Share	0.21	0.24	0.26
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.21	0.24	0.26
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.04	$60.58	$80.44
Upside / Downside	31.85%	279.55%	403.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	755.48	804.58	856.88	912.58	971.90	1,035.07	1,066.12
Payout Ratio	27.70%	40.16%	52.62%	65.08%	77.54%	90.00%	92.50%
Projected Dividends (M)	209.26	323.11	450.89	593.90	753.61	931.56	986.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	298.80	301.63	304.46
Year 2 PV (M)	385.58	392.92	400.34
Year 3 PV (M)	469.66	483.14	496.88
Year 4 PV (M)	551.11	572.30	594.10
Year 5 PV (M)	629.98	660.41	692.01
PV of Terminal Value (M)	16,178.50	16,959.93	17,771.26
Equity Value (M)	18,513.63	19,370.34	20,259.05
Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
Fair Value	$9.91	$10.37	$10.85
Upside / Downside	-37.90%	-35.02%	-32.04%

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North Copper (Shanxi) Co., Ltd. (000737.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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