DDM Analysis: 000037.SZ

Valuation Snapshot

Stable Growth	$0.17 - $0.22	$0.20
Multi-Stage	$0.38 - $0.42	$0.40
Blended Fair Value	$0.30
Current Price	$8.50
Upside	-96.49%
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	-29.73%	-27.96%	0.01	0.02	0.02	0.04	0.07	0.08	0.08	0.09	0.32	0.35
YoY Growth	-	-	-26.50%	-25.67%	-42.06%	-34.92%	-16.85%	-1.30%	-11.59%	-71.30%	-9.78%	-2.71%
Dividend Yield	-	-	0.17%	0.21%	0.32%	0.65%	0.61%	0.71%	0.56%	1.28%	2.61%	3.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.59
(-) Cash Dividends Paid (M)	26.99
(=) Cash Retained (M)	20.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.52	5.95	3.57
Cash Retained (M)	20.61	20.61	20.61
(-) Cash Required (M)	-9.52	-5.95	-3.57
(=) Excess Retained (M)	11.09	14.66	17.04
(/) Shares Outstanding (M)	602.98	602.98	602.98
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	-20.38%	-19.38%	-18.38%
Fair Value	$0.17	$0.20	$0.22
Upside / Downside	-97.99%	-97.70%	-97.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.59	38.37	30.94	24.94	20.11	16.21	16.70
Payout Ratio	56.70%	63.36%	70.02%	76.68%	83.34%	90.00%	92.50%
Projected Dividends (M)	26.99	24.31	21.66	19.13	16.76	14.59	15.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	-20.38%	-19.38%	-18.38%
Year 1 PV (M)	22.02	22.29	22.57
Year 2 PV (M)	17.76	18.21	18.67
Year 3 PV (M)	14.20	14.74	15.30
Year 4 PV (M)	11.27	11.84	12.44
Year 5 PV (M)	8.88	9.45	10.06
PV of Terminal Value (M)	154.99	164.97	175.45
Equity Value (M)	229.12	241.51	254.49
Shares Outstanding (M)	602.98	602.98	602.98
Fair Value	$0.38	$0.40	$0.42
Upside / Downside	-95.53%	-95.29%	-95.03%

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Shenzhen Nanshan Power Co., Ltd. (000037.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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