DDM Analysis: 000927.SZ

Valuation Snapshot

Stable Growth	$11.74 - $13.86	$12.98
Multi-Stage	$8.38 - $9.31	$8.84
Blended Fair Value	$10.91
Current Price	$2.61
Upside	317.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-28.98%	1.80%	0.02	0.00	0.00	0.03	0.12	0.11	0.02	0.01	0.01	0.02
YoY Growth	-	-	19,036.63%	-88.36%	-97.38%	-71.69%	9.54%	462.39%	67.78%	-1.62%	-49.58%	41.37%
Dividend Yield	-	-	0.75%	0.00%	0.03%	1.03%	2.71%	2.41%	0.37%	0.27%	0.15%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	474.34
(-) Cash Dividends Paid (M)	203.28
(=) Cash Retained (M)	271.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.87	59.29	35.58
Cash Retained (M)	271.06	271.06	271.06
(-) Cash Required (M)	-94.87	-59.29	-35.58
(=) Excess Retained (M)	176.19	211.77	235.48
(/) Shares Outstanding (M)	6,050.59	6,050.59	6,050.59
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	-7.90%	-7.90%	-7.90%
Growth Rate	-6.41%	-5.41%	-4.41%
Fair Value	$11.74	$12.98	$13.86
Upside / Downside	349.76%	397.18%	431.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	474.34	448.66	424.37	401.39	379.66	359.10	369.87
Payout Ratio	42.86%	52.28%	61.71%	71.14%	80.57%	90.00%	92.50%
Projected Dividends (M)	203.28	234.58	261.89	285.56	305.89	323.19	342.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-7.90%	-7.90%	-7.90%
Growth Rate	-6.41%	-5.41%	-4.41%
Year 1 PV (M)	252.00	254.69	257.38
Year 2 PV (M)	302.24	308.73	315.29
Year 3 PV (M)	354.03	365.50	377.21
Year 4 PV (M)	407.41	425.10	443.36
Year 5 PV (M)	462.41	487.65	513.98
PV of Terminal Value (M)	48,951.56	51,623.38	54,410.62
Equity Value (M)	50,729.64	53,465.05	56,317.85
Shares Outstanding (M)	6,050.59	6,050.59	6,050.59
Fair Value	$8.38	$8.84	$9.31
Upside / Downside	221.24%	238.56%	256.62%

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China Railway Materials Company Limited (000927.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener