DDM Analysis: 000603.SZ

Valuation Snapshot

Stable Growth	$8.20 - $13.29	$10.48
Multi-Stage	$11.51 - $12.63	$12.06
Blended Fair Value	$11.27
Current Price	$26.44
Upside	-57.38%
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	2.86%	58.54%	0.18	0.09	0.10	0.13	0.19	0.16	0.08	0.51	0.02	0.00
YoY Growth	-	-	110.95%	-12.57%	-24.61%	-30.98%	19.96%	107.11%	-85.12%	3,295.61%	469.71%	46.14%
Dividend Yield	-	-	1.16%	0.66%	0.58%	0.99%	1.46%	1.41%	0.68%	4.51%	0.10%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	513.47
(-) Cash Dividends Paid (M)	123.13
(=) Cash Retained (M)	390.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.69	64.18	38.51
Cash Retained (M)	390.34	390.34	390.34
(-) Cash Required (M)	-102.69	-64.18	-38.51
(=) Excess Retained (M)	287.64	326.15	351.83
(/) Shares Outstanding (M)	690.16	690.16	690.16
(=) Excess Retained per Share	0.42	0.47	0.51
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.42	0.47	0.51
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	0.86%	1.86%	2.86%
Fair Value	$8.20	$10.48	$13.29
Upside / Downside	-69.00%	-60.35%	-49.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	513.47	523.00	532.71	542.60	552.67	562.92	579.81
Payout Ratio	23.98%	37.18%	50.39%	63.59%	76.80%	90.00%	92.50%
Projected Dividends (M)	123.13	194.48	268.42	345.05	424.43	506.63	536.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	0.86%	1.86%	2.86%
Year 1 PV (M)	178.00	179.77	181.53
Year 2 PV (M)	224.88	229.36	233.89
Year 3 PV (M)	264.59	272.54	280.65
Year 4 PV (M)	297.89	309.89	322.24
Year 5 PV (M)	325.47	341.93	359.05
PV of Terminal Value (M)	6,650.62	6,986.93	7,336.71
Equity Value (M)	7,941.46	8,320.42	8,714.07
Shares Outstanding (M)	690.16	690.16	690.16
Fair Value	$11.51	$12.06	$12.63
Upside / Downside	-56.48%	-54.40%	-52.25%

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Shengda Resources Co.,Ltd. (000603.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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