DDM Analysis: 600422.SS

Valuation Snapshot

Stable Growth	$13.54 - $29.51	$19.40
Multi-Stage	$10.45 - $11.43	$10.93
Blended Fair Value	$15.17
Current Price	$13.96
Upside	8.65%
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	9.16%	1.97%	0.23	0.19	0.31	0.27	0.24	0.15	0.06	0.22	0.24	0.09
YoY Growth	-	-	17.70%	-36.63%	13.64%	12.62%	62.36%	130.72%	-70.52%	-9.95%	161.71%	-51.08%
Dividend Yield	-	-	1.33%	0.93%	1.48%	2.22%	2.88%	1.49%	0.60%	2.17%	1.94%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	530.05
(-) Cash Dividends Paid (M)	26.16
(=) Cash Retained (M)	503.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.01	66.26	39.75
Cash Retained (M)	503.90	503.90	503.90
(-) Cash Required (M)	-106.01	-66.26	-39.75
(=) Excess Retained (M)	397.89	437.64	464.14
(/) Shares Outstanding (M)	754.65	754.65	754.65
(=) Excess Retained per Share	0.53	0.58	0.62
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.53	0.58	0.62
(=) Adjusted Dividend	0.56	0.61	0.65
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	4.89%	5.89%	6.89%
Fair Value	$13.54	$19.40	$29.51
Upside / Downside	-3.03%	39.00%	111.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	530.05	561.26	594.31	629.31	666.36	705.60	726.76
Payout Ratio	4.93%	21.95%	38.96%	55.97%	72.99%	90.00%	92.50%
Projected Dividends (M)	26.16	123.19	231.55	352.25	486.36	635.04	672.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	4.89%	5.89%	6.89%
Year 1 PV (M)	111.70	112.76	113.83
Year 2 PV (M)	190.38	194.03	197.71
Year 3 PV (M)	262.61	270.20	277.92
Year 4 PV (M)	328.79	341.51	354.59
Year 5 PV (M)	389.27	408.18	427.82
PV of Terminal Value (M)	6,601.96	6,922.74	7,255.86
Equity Value (M)	7,884.71	8,249.41	8,627.74
Shares Outstanding (M)	754.65	754.65	754.65
Fair Value	$10.45	$10.93	$11.43
Upside / Downside	-25.16%	-21.69%	-18.10%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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KPC Pharmaceuticals, Inc. (600422.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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