DDM Analysis: 605090.SS

Valuation Snapshot

Stable Growth	$89.13 - $402.44	$205.83
Multi-Stage	$46.66 - $51.01	$48.80
Blended Fair Value	$127.31
Current Price	$34.69
Upside	267.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	62.91%	0.00%	0.83	0.58	0.32	0.13	0.02	0.07	0.20	0.20	0.18	0.21
YoY Growth	-	-	41.55%	82.03%	140.38%	707.63%	-77.06%	-64.39%	0.21%	12.27%	-14.18%	0.00%
Dividend Yield	-	-	3.23%	2.11%	1.43%	0.67%	0.05%	0.23%	0.00%	0.66%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,390.13
(-) Cash Dividends Paid (M)	585.81
(=) Cash Retained (M)	804.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	278.03	173.77	104.26
Cash Retained (M)	804.32	804.32	804.32
(-) Cash Required (M)	-278.03	-173.77	-104.26
(=) Excess Retained (M)	526.30	630.55	700.06
(/) Shares Outstanding (M)	686.97	686.97	686.97
(=) Excess Retained per Share	0.77	0.92	1.02
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.77	0.92	1.02
(=) Adjusted Dividend	1.62	1.77	1.87
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.13	$205.83	$402.44
Upside / Downside	156.93%	493.33%	1,060.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,390.13	1,480.49	1,576.72	1,679.20	1,788.35	1,904.59	1,961.73
Payout Ratio	42.14%	51.71%	61.28%	70.86%	80.43%	90.00%	92.50%
Projected Dividends (M)	585.81	765.59	966.28	1,189.82	1,438.34	1,714.14	1,814.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	706.04	712.74	719.43
Year 2 PV (M)	821.81	837.46	853.26
Year 3 PV (M)	933.21	960.00	987.30
Year 4 PV (M)	1,040.38	1,080.39	1,121.55
Year 5 PV (M)	1,143.43	1,198.66	1,256.00
PV of Terminal Value (M)	27,409.57	28,733.46	30,108.02
Equity Value (M)	32,054.45	33,522.72	35,045.56
Shares Outstanding (M)	686.97	686.97	686.97
Fair Value	$46.66	$48.80	$51.01
Upside / Downside	34.51%	40.67%	47.06%

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Jiangxi Jovo Energy Co., Ltd (605090.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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