DDM Analysis: 000096.SZ

Valuation Snapshot

Stable Growth	$2.20 - $4.69	$3.13
Multi-Stage	$1.62 - $1.76	$1.69
Blended Fair Value	$2.41
Current Price	$11.37
Upside	-78.80%
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	44.30%	14.30%	0.06	0.03	0.71	0.02	0.01	0.01	0.07	0.05	0.02	0.03
YoY Growth	-	-	77.95%	-95.52%	3,400.00%	124.05%	0.10%	-86.14%	44.27%	122.94%	-36.55%	114.94%
Dividend Yield	-	-	0.30%	0.29%	8.57%	0.24%	0.10%	0.08%	0.58%	0.37%	0.12%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.72
(-) Cash Dividends Paid (M)	13.95
(=) Cash Retained (M)	46.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.14	7.59	4.55
Cash Retained (M)	46.77	46.77	46.77
(-) Cash Required (M)	-12.14	-7.59	-4.55
(=) Excess Retained (M)	34.62	39.18	42.21
(/) Shares Outstanding (M)	520.28	520.28	520.28
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.20	$3.13	$4.69
Upside / Downside	-80.63%	-72.45%	-58.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.72	64.66	68.87	73.34	78.11	83.19	85.68
Payout Ratio	22.97%	36.38%	49.78%	63.19%	76.59%	90.00%	92.50%
Projected Dividends (M)	13.95	23.52	34.28	46.34	59.83	74.87	79.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	21.19	21.39	21.59
Year 2 PV (M)	27.82	28.35	28.88
Year 3 PV (M)	33.87	34.85	35.84
Year 4 PV (M)	39.39	40.91	42.46
Year 5 PV (M)	44.40	46.55	48.77
PV of Terminal Value (M)	674.20	706.76	740.57
Equity Value (M)	840.87	878.80	918.12
Shares Outstanding (M)	520.28	520.28	520.28
Fair Value	$1.62	$1.69	$1.76
Upside / Downside	-85.79%	-85.14%	-84.48%

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Shenzhen Guangju Energy Co., Ltd. (000096.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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