DDM Analysis: 600967.SS

Valuation Snapshot

Stable Growth	$5.41 - $10.96	$7.56
Multi-Stage	$4.06 - $4.44	$4.25
Blended Fair Value	$5.90
Current Price	$18.77
Upside	-68.56%
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	56.66%	27.99%	0.33	0.24	0.18	0.08	0.07	0.03	0.04	0.05	0.23	0.06
YoY Growth	-	-	35.34%	38.13%	109.80%	21.19%	98.51%	-1.77%	-24.04%	-79.78%	266.40%	126.12%
Dividend Yield	-	-	3.06%	3.04%	1.84%	0.88%	0.70%	0.38%	0.29%	0.32%	1.52%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	522.00
(-) Cash Dividends Paid (M)	133.04
(=) Cash Retained (M)	388.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.40	65.25	39.15
Cash Retained (M)	388.96	388.96	388.96
(-) Cash Required (M)	-104.40	-65.25	-39.15
(=) Excess Retained (M)	284.56	323.71	349.81
(/) Shares Outstanding (M)	1,701.23	1,701.23	1,701.23
(=) Excess Retained per Share	0.17	0.19	0.21
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.17	0.19	0.21
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	10.28%	10.28%	10.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.41	$7.56	$10.96
Upside / Downside	-71.16%	-59.74%	-41.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	522.00	555.93	592.07	630.55	671.54	715.19	736.64
Payout Ratio	25.49%	38.39%	51.29%	64.19%	77.10%	90.00%	92.50%
Projected Dividends (M)	133.04	213.42	303.68	404.78	517.74	643.67	681.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.28%	10.28%	10.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	191.70	193.52	195.33
Year 2 PV (M)	245.02	249.69	254.40
Year 3 PV (M)	293.35	301.78	310.36
Year 4 PV (M)	337.03	350.00	363.33
Year 5 PV (M)	376.37	394.55	413.43
PV of Terminal Value (M)	5,470.17	5,734.38	6,008.70
Equity Value (M)	6,913.65	7,223.91	7,545.55
Shares Outstanding (M)	1,701.23	1,701.23	1,701.23
Fair Value	$4.06	$4.25	$4.44
Upside / Downside	-78.35%	-77.38%	-76.37%

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Inner Mongolia First Machinery Group Co.,Ltd. (600967.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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