DDM Analysis: 600508.SS

Valuation Snapshot

Stable Growth	$8.82 - $18.92	$12.57
Multi-Stage	$10.60 - $11.64	$11.11
Blended Fair Value	$11.84
Current Price	$12.03
Upside	-1.57%
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	11.10%	15.20%	0.68	0.78	0.28	0.41	0.38	0.40	0.32	0.21	0.18	0.17
YoY Growth	-	-	-13.42%	174.76%	-30.63%	6.92%	-4.06%	24.70%	50.75%	18.10%	6.70%	2.61%
Dividend Yield	-	-	5.68%	5.54%	2.02%	4.02%	3.82%	4.97%	2.94%	1.96%	1.57%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	345.04
(-) Cash Dividends Paid (M)	39.82
(=) Cash Retained (M)	305.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.01	43.13	25.88
Cash Retained (M)	305.22	305.22	305.22
(-) Cash Required (M)	-69.01	-43.13	-25.88
(=) Excess Retained (M)	236.21	262.09	279.34
(/) Shares Outstanding (M)	722.72	722.72	722.72
(=) Excess Retained per Share	0.33	0.36	0.39
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.33	0.36	0.39
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.92%	6.92%	6.92%
Growth Rate	2.48%	3.48%	4.48%
Fair Value	$8.82	$12.57	$18.92
Upside / Downside	-26.71%	4.48%	57.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	345.04	357.04	369.45	382.29	395.58	409.33	421.61
Payout Ratio	11.54%	27.23%	42.93%	58.62%	74.31%	90.00%	92.50%
Projected Dividends (M)	39.82	97.23	158.59	224.09	293.95	368.40	389.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.92%	6.92%	6.92%
Growth Rate	2.48%	3.48%	4.48%
Year 1 PV (M)	90.07	90.94	91.82
Year 2 PV (M)	136.07	138.74	141.43
Year 3 PV (M)	178.09	183.36	188.72
Year 4 PV (M)	216.39	224.97	233.79
Year 5 PV (M)	251.21	263.71	276.70
PV of Terminal Value (M)	6,792.36	7,130.30	7,481.56
Equity Value (M)	7,664.18	8,032.01	8,414.03
Shares Outstanding (M)	722.72	722.72	722.72
Fair Value	$10.60	$11.11	$11.64
Upside / Downside	-11.85%	-7.62%	-3.22%

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Shanghai Datun Energy Resources Co., Ltd. (600508.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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