DDM Analysis: 600379.SS

Valuation Snapshot

Stable Growth	$36.19 - $42.64	$39.96
Multi-Stage	$24.94 - $27.36	$26.13
Blended Fair Value	$33.04
Current Price	$12.49
Upside	164.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.51%	13.47%	0.11	0.05	0.07	0.05	0.08	0.05	0.03	0.04	0.01	0.02
YoY Growth	-	-	98.46%	-16.48%	41.50%	-44.42%	79.34%	80.23%	-38.80%	185.18%	-14.53%	-43.71%
Dividend Yield	-	-	1.12%	0.62%	0.58%	0.39%	1.07%	0.88%	0.43%	0.63%	0.09%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.79
(-) Cash Dividends Paid (M)	33.20
(=) Cash Retained (M)	37.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.16	8.85	5.31
Cash Retained (M)	37.59	37.59	37.59
(-) Cash Required (M)	-14.16	-8.85	-5.31
(=) Excess Retained (M)	23.43	28.74	32.28
(/) Shares Outstanding (M)	330.15	330.15	330.15
(=) Excess Retained per Share	0.07	0.09	0.10
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.07	0.09	0.10
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	2.10%	2.10%	2.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.19	$39.96	$42.64
Upside / Downside	189.78%	219.95%	241.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.79	75.39	80.29	85.51	91.07	96.99	99.90
Payout Ratio	46.90%	55.52%	64.14%	72.76%	81.38%	90.00%	92.50%
Projected Dividends (M)	33.20	41.86	51.50	62.22	74.11	87.29	92.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.10%	2.10%	2.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.61	41.00	41.38
Year 2 PV (M)	48.48	49.41	50.34
Year 3 PV (M)	56.83	58.46	60.12
Year 4 PV (M)	65.68	68.21	70.81
Year 5 PV (M)	75.06	78.68	82.45
PV of Terminal Value (M)	7,945.74	8,329.53	8,728.00
Equity Value (M)	8,232.41	8,625.29	9,033.10
Shares Outstanding (M)	330.15	330.15	330.15
Fair Value	$24.94	$26.13	$27.36
Upside / Downside	99.64%	109.17%	119.06%

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Shaanxi Baoguang Vacuum Electric Device Co., Ltd. (600379.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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