DDM Analysis: 600051.SS

Valuation Snapshot

Stable Growth	$1.02 - $1.34	$1.19
Multi-Stage	$3.41 - $3.79	$3.59
Blended Fair Value	$2.39
Current Price	$7.15
Upside	-66.56%
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	-1.16%	-10.85%	0.21	0.26	0.19	0.25	0.23	0.22	0.29	0.40	0.53	0.51
YoY Growth	-	-	-17.55%	34.46%	-22.94%	8.39%	1.89%	-22.69%	-27.45%	-25.35%	5.33%	-23.82%
Dividend Yield	-	-	3.15%	4.17%	2.54%	3.05%	2.74%	3.43%	4.02%	4.08%	4.42%	4.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.22
(-) Cash Dividends Paid (M)	51.35
(=) Cash Retained (M)	41.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.64	11.65	6.99
Cash Retained (M)	41.87	41.87	41.87
(-) Cash Required (M)	-18.64	-11.65	-6.99
(=) Excess Retained (M)	23.23	30.22	34.88
(/) Shares Outstanding (M)	329.92	329.92	329.92
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-12.85%	-11.85%	-10.85%
Fair Value	$1.02	$1.19	$1.34
Upside / Downside	-85.77%	-83.39%	-81.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.22	82.17	72.43	63.85	56.28	49.61	51.10
Payout Ratio	55.08%	62.06%	69.05%	76.03%	83.02%	90.00%	92.50%
Projected Dividends (M)	51.35	51.00	50.01	48.54	46.72	44.65	47.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-12.85%	-11.85%	-10.85%
Year 1 PV (M)	47.34	47.89	48.43
Year 2 PV (M)	43.10	44.09	45.10
Year 3 PV (M)	38.83	40.18	41.57
Year 4 PV (M)	34.69	36.31	37.99
Year 5 PV (M)	30.78	32.58	34.47
PV of Terminal Value (M)	930.32	984.94	1,042.09
Equity Value (M)	1,125.07	1,186.00	1,249.65
Shares Outstanding (M)	329.92	329.92	329.92
Fair Value	$3.41	$3.59	$3.79
Upside / Downside	-52.31%	-49.72%	-47.03%

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Ningbo United Group Co.,Ltd. (600051.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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