DDM Analysis: 001376.SZ

Valuation Snapshot

Stable Growth	$63.98 - $75.38	$70.64
Multi-Stage	$13.02 - $14.27	$13.63
Blended Fair Value	$42.14
Current Price	$12.50
Upside	237.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2014	2013
DPS	41.91%	0.00%	0.16	0.10	0.03	0.03	0.03	0.03	0.01	0.01	0.01	0.00
YoY Growth	-	-	63.09%	294.43%	-27.33%	1.69%	21.06%	402.53%	-36.53%	31.94%	0.00%	0.00%
Dividend Yield	-	-	1.18%	0.59%	0.07%	0.09%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174.48
(-) Cash Dividends Paid (M)	50.68
(=) Cash Retained (M)	123.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.90	21.81	13.09
Cash Retained (M)	123.80	123.80	123.80
(-) Cash Required (M)	-34.90	-21.81	-13.09
(=) Excess Retained (M)	88.91	101.99	110.72
(/) Shares Outstanding (M)	460.35	460.35	460.35
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.98	$70.64	$75.38
Upside / Downside	411.83%	465.12%	503.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174.48	185.82	197.90	210.76	224.46	239.05	246.22
Payout Ratio	29.04%	41.24%	53.43%	65.62%	77.81%	90.00%	92.50%
Projected Dividends (M)	50.68	76.62	105.73	138.30	174.65	215.15	227.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.61	72.29	72.97
Year 2 PV (M)	92.36	94.12	95.89
Year 3 PV (M)	112.91	116.15	119.45
Year 4 PV (M)	133.27	138.39	143.66
Year 5 PV (M)	153.43	160.84	168.54
PV of Terminal Value (M)	5,431.85	5,694.21	5,966.61
Equity Value (M)	5,995.43	6,276.00	6,567.13
Shares Outstanding (M)	460.35	460.35	460.35
Fair Value	$13.02	$13.63	$14.27
Upside / Downside	4.19%	9.07%	14.13%

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Jiangxi Bestoo Ene (001376.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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