DDM Analysis: 000967.SZ

Valuation Snapshot

Stable Growth	$1.47 - $2.45	$1.90
Multi-Stage	$1.73 - $1.90	$1.81
Blended Fair Value	$1.86
Current Price	$7.19
Upside	-74.15%
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	4.18%	25.82%	0.17	0.15	0.14	0.16	0.16	0.14	0.20	0.03	0.02	0.02
YoY Growth	-	-	12.01%	5.40%	-10.41%	0.41%	15.56%	-32.47%	521.12%	42.96%	35.60%	-0.37%
Dividend Yield	-	-	2.73%	2.92%	2.67%	3.08%	1.88%	2.35%	2.82%	0.41%	0.22%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	381.20
(-) Cash Dividends Paid (M)	107.24
(=) Cash Retained (M)	273.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.24	47.65	28.59
Cash Retained (M)	273.97	273.97	273.97
(-) Cash Required (M)	-76.24	-47.65	-28.59
(=) Excess Retained (M)	197.73	226.32	245.38
(/) Shares Outstanding (M)	3,113.87	3,113.87	3,113.87
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$1.47	$1.90	$2.45
Upside / Downside	-79.55%	-73.52%	-65.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	381.20	393.34	405.86	418.78	432.11	445.87	459.24
Payout Ratio	28.13%	40.50%	52.88%	65.25%	77.63%	90.00%	92.50%
Projected Dividends (M)	107.24	159.32	214.61	273.26	335.43	401.28	424.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	144.76	146.18	147.60
Year 2 PV (M)	177.19	180.67	184.19
Year 3 PV (M)	204.99	211.07	217.27
Year 4 PV (M)	228.64	237.72	247.07
Year 5 PV (M)	248.53	260.93	273.82
PV of Terminal Value (M)	4,392.75	4,611.94	4,839.80
Equity Value (M)	5,396.86	5,648.52	5,909.75
Shares Outstanding (M)	3,113.87	3,113.87	3,113.87
Fair Value	$1.73	$1.81	$1.90
Upside / Downside	-75.89%	-74.77%	-73.60%

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Infore Environment Technology Group Co., Ltd. (000967.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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