DDM Analysis: 605196.SS

Valuation Snapshot

Stable Growth	$98.00 - $115.46	$108.21
Multi-Stage	$64.32 - $70.58	$67.39
Blended Fair Value	$87.80
Current Price	$24.34
Upside	260.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.07%	11.39%	0.21	0.18	0.16	0.11	0.06	0.05	0.04	0.00	0.04	0.04
YoY Growth	-	-	17.35%	11.14%	44.37%	97.42%	20.96%	11.78%	0.00%	-100.00%	-9.33%	-43.57%
Dividend Yield	-	-	1.53%	1.63%	2.12%	1.15%	0.77%	0.64%	0.00%	0.00%	0.50%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	298.83
(-) Cash Dividends Paid (M)	83.31
(=) Cash Retained (M)	215.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.77	37.35	22.41
Cash Retained (M)	215.52	215.52	215.52
(-) Cash Required (M)	-59.77	-37.35	-22.41
(=) Excess Retained (M)	155.75	178.16	193.10
(/) Shares Outstanding (M)	514.70	514.70	514.70
(=) Excess Retained per Share	0.30	0.35	0.38
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.30	0.35	0.38
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	3.03%	3.03%	3.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.00	$108.21	$115.46
Upside / Downside	302.64%	344.56%	374.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	298.83	318.25	338.94	360.97	384.43	409.42	421.70
Payout Ratio	27.88%	40.30%	52.73%	65.15%	77.58%	90.00%	92.50%
Projected Dividends (M)	83.31	128.27	178.71	235.18	298.23	368.48	390.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.03%	3.03%	3.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	123.32	124.49	125.66
Year 2 PV (M)	165.20	168.35	171.53
Year 3 PV (M)	209.02	215.02	221.14
Year 4 PV (M)	254.84	264.64	274.72
Year 5 PV (M)	302.74	317.36	332.55
PV of Terminal Value (M)	32,048.50	33,596.46	35,203.66
Equity Value (M)	33,103.63	34,686.33	36,329.25
Shares Outstanding (M)	514.70	514.70	514.70
Fair Value	$64.32	$67.39	$70.58
Upside / Downside	164.24%	176.87%	189.99%

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Hebei Huatong Wires and Cables Group Co., Ltd. (605196.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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