DDM Analysis: 002671.SZ

Valuation Snapshot

Stable Growth	$1.23 - $1.73	$1.48
Multi-Stage	$2.11 - $2.32	$2.22
Blended Fair Value	$1.85
Current Price	$4.87
Upside	-62.08%
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	-2.16%	-10.87%	0.04	0.04	0.05	0.04	0.04	0.04	0.07	0.07	0.06	0.12
YoY Growth	-	-	-8.21%	-11.35%	30.38%	-2.33%	-13.48%	-41.42%	0.40%	14.20%	-46.35%	-2.07%
Dividend Yield	-	-	0.90%	0.91%	1.08%	0.64%	0.89%	0.96%	1.32%	1.18%	0.60%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	108.12
(-) Cash Dividends Paid (M)	18.45
(=) Cash Retained (M)	89.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.62	13.51	8.11
Cash Retained (M)	89.67	89.67	89.67
(-) Cash Required (M)	-21.62	-13.51	-8.11
(=) Excess Retained (M)	68.05	76.16	81.56
(/) Shares Outstanding (M)	564.55	564.55	564.55
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	-3.21%	-2.21%	-1.21%
Fair Value	$1.23	$1.48	$1.73
Upside / Downside	-74.82%	-69.67%	-64.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108.12	105.73	103.40	101.11	98.88	96.70	99.60
Payout Ratio	17.06%	31.65%	46.24%	60.82%	75.41%	90.00%	92.50%
Projected Dividends (M)	18.45	33.46	47.81	61.50	74.57	87.03	92.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	-3.21%	-2.21%	-1.21%
Year 1 PV (M)	30.42	30.73	31.05
Year 2 PV (M)	39.50	40.32	41.15
Year 3 PV (M)	46.19	47.64	49.12
Year 4 PV (M)	50.91	53.05	55.25
Year 5 PV (M)	54.01	56.86	59.82
PV of Terminal Value (M)	971.19	1,022.41	1,075.76
Equity Value (M)	1,192.22	1,251.01	1,312.15
Shares Outstanding (M)	564.55	564.55	564.55
Fair Value	$2.11	$2.22	$2.32
Upside / Downside	-56.64%	-54.50%	-52.27%

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Shandong Longquan Pipeline Engineering Co.,LTD (002671.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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