DDM Analysis: 002155.SZ

Valuation Snapshot

Stable Growth	$17.21 - $37.96	$24.77
Multi-Stage	$12.47 - $13.62	$13.04
Blended Fair Value	$18.91
Current Price	$22.44
Upside	-15.75%
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	9.11%	3.10%	0.11	0.09	0.06	0.01	0.05	0.07	0.05	0.09	0.04	0.04
YoY Growth	-	-	26.67%	39.30%	376.71%	-70.27%	-38.18%	40.56%	-37.98%	109.77%	2.16%	-53.03%
Dividend Yield	-	-	0.65%	0.86%	0.56%	0.17%	0.75%	1.23%	0.79%	1.24%	0.46%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,208.52
(-) Cash Dividends Paid (M)	277.55
(=) Cash Retained (M)	930.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	241.70	151.06	90.64
Cash Retained (M)	930.97	930.97	930.97
(-) Cash Required (M)	-241.70	-151.06	-90.64
(=) Excess Retained (M)	689.26	779.90	840.33
(/) Shares Outstanding (M)	1,380.38	1,380.38	1,380.38
(=) Excess Retained per Share	0.50	0.56	0.61
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.50	0.56	0.61
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.21	$24.77	$37.96
Upside / Downside	-23.30%	10.40%	69.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,208.52	1,287.07	1,370.73	1,459.83	1,554.72	1,655.77	1,705.45
Payout Ratio	22.97%	36.37%	49.78%	63.19%	76.59%	90.00%	92.50%
Projected Dividends (M)	277.55	468.15	682.35	922.41	1,190.81	1,490.20	1,577.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	422.38	426.39	430.39
Year 2 PV (M)	555.47	566.05	576.73
Year 3 PV (M)	677.50	696.95	716.76
Year 4 PV (M)	789.13	819.48	850.70
Year 5 PV (M)	891.00	934.04	978.72
PV of Terminal Value (M)	13,884.74	14,555.37	15,251.68
Equity Value (M)	17,220.22	17,998.27	18,804.98
Shares Outstanding (M)	1,380.38	1,380.38	1,380.38
Fair Value	$12.47	$13.04	$13.62
Upside / Downside	-44.41%	-41.90%	-39.29%

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Hunan Gold Corporation Limited (002155.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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