DDM Analysis: 000685.SZ

Valuation Snapshot

Stable Growth	$97.83 - $189.40	$177.50
Multi-Stage	$29.75 - $32.56	$31.13
Blended Fair Value	$104.32
Current Price	$12.37
Upside	743.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.99%	11.77%	0.37	0.38	0.42	0.40	0.37	0.24	0.30	0.30	0.40	0.24
YoY Growth	-	-	-2.29%	-9.20%	5.31%	7.58%	53.01%	-19.37%	0.38%	-23.81%	63.91%	95.66%
Dividend Yield	-	-	4.23%	4.96%	5.99%	4.98%	4.24%	3.23%	3.40%	3.00%	3.64%	2.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,388.26
(-) Cash Dividends Paid (M)	723.44
(=) Cash Retained (M)	664.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	277.65	173.53	104.12
Cash Retained (M)	664.82	664.82	664.82
(-) Cash Required (M)	-277.65	-173.53	-104.12
(=) Excess Retained (M)	387.17	491.29	560.70
(/) Shares Outstanding (M)	1,457.67	1,457.67	1,457.67
(=) Excess Retained per Share	0.27	0.34	0.38
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.27	0.34	0.38
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$97.83	$177.50	$189.40
Upside / Downside	690.84%	1,334.92%	1,431.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,388.26	1,478.50	1,574.60	1,676.95	1,785.95	1,902.04	1,959.10
Payout Ratio	52.11%	59.69%	67.27%	74.84%	82.42%	90.00%	92.50%
Projected Dividends (M)	723.44	882.50	1,059.18	1,255.11	1,472.02	1,711.84	1,812.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	822.23	830.03	837.82
Year 2 PV (M)	919.46	936.97	954.65
Year 3 PV (M)	1,015.13	1,044.27	1,073.97
Year 4 PV (M)	1,109.27	1,151.93	1,195.81
Year 5 PV (M)	1,201.90	1,259.95	1,320.22
PV of Terminal Value (M)	38,304.30	40,154.41	42,075.33
Equity Value (M)	43,372.30	45,377.57	47,457.80
Shares Outstanding (M)	1,457.67	1,457.67	1,457.67
Fair Value	$29.75	$31.13	$32.56
Upside / Downside	140.54%	151.66%	163.19%

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Zhongshan Public Utilities Group Co.,Ltd. (000685.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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