DDM Analysis: 000408.SZ

Valuation Snapshot

Stable Growth	$41.66 - $88.49	$59.17
Multi-Stage	$29.67 - $32.45	$31.03
Blended Fair Value	$45.10
Current Price	$58.33
Upside	-22.68%
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	129.79%	167.99%	1.07	1.77	1.92	0.00	0.00	0.02	0.03	0.39	0.04	0.06
YoY Growth	-	-	-39.59%	-7.96%	0.00%	0.00%	-100.00%	-41.93%	-92.60%	894.50%	-38.76%	113,786.41%
Dividend Yield	-	-	2.98%	5.58%	7.95%	0.00%	0.00%	0.28%	0.23%	2.32%	0.24%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,462.84
(-) Cash Dividends Paid (M)	3.34
(=) Cash Retained (M)	3,459.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	692.57	432.86	259.71
Cash Retained (M)	3,459.51	3,459.51	3,459.51
(-) Cash Required (M)	-692.57	-432.86	-259.71
(=) Excess Retained (M)	2,766.94	3,026.65	3,199.79
(/) Shares Outstanding (M)	1,562.39	1,562.39	1,562.39
(=) Excess Retained per Share	1.77	1.94	2.05
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.77	1.94	2.05
(=) Adjusted Dividend	1.77	1.94	2.05
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.66	$59.17	$88.49
Upside / Downside	-28.59%	1.44%	51.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,462.84	3,687.93	3,927.64	4,182.94	4,454.83	4,744.40	4,886.73
Payout Ratio	0.10%	18.08%	36.06%	54.04%	72.02%	90.00%	92.50%
Projected Dividends (M)	3.34	666.67	1,416.22	2,260.40	3,208.34	4,269.96	4,520.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	600.42	606.11	611.81
Year 2 PV (M)	1,148.75	1,170.63	1,192.72
Year 3 PV (M)	1,651.30	1,698.71	1,747.01
Year 4 PV (M)	2,110.91	2,192.08	2,275.58
Year 5 PV (M)	2,530.23	2,652.44	2,779.32
PV of Terminal Value (M)	38,315.97	40,166.64	42,088.15
Equity Value (M)	46,357.57	48,486.61	50,694.59
Shares Outstanding (M)	1,562.39	1,562.39	1,562.39
Fair Value	$29.67	$31.03	$32.45
Upside / Downside	-49.13%	-46.80%	-44.37%

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Zangge Mining Company Limited (000408.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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