DDM Analysis: 001376.SZ

Valuation Snapshot

Stable Growth	$42.95 - $75.38	$70.64
Multi-Stage	$11.96 - $13.10	$12.52
Blended Fair Value	$41.58
Current Price	$12.50
Upside	232.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2014	2013
DPS	41.91%	0.00%	0.16	0.10	0.03	0.03	0.03	0.03	0.01	0.01	0.01	0.00
YoY Growth	-	-	63.09%	294.43%	-27.33%	1.69%	21.06%	402.53%	-36.53%	31.94%	0.00%	0.00%
Dividend Yield	-	-	1.18%	0.59%	0.07%	0.09%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174.48
(-) Cash Dividends Paid (M)	50.68
(=) Cash Retained (M)	123.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.90	21.81	13.09
Cash Retained (M)	123.80	123.80	123.80
(-) Cash Required (M)	-34.90	-21.81	-13.09
(=) Excess Retained (M)	88.91	101.99	110.72
(/) Shares Outstanding (M)	460.35	460.35	460.35
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	6.24%	6.24%	6.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.95	$70.64	$75.38
Upside / Downside	243.63%	465.12%	503.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174.48	185.82	197.90	210.76	224.46	239.05	246.22
Payout Ratio	29.04%	41.24%	53.43%	65.62%	77.81%	90.00%	92.50%
Projected Dividends (M)	50.68	76.62	105.73	138.30	174.65	215.15	227.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.24%	6.24%	6.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.44	72.12	72.80
Year 2 PV (M)	91.92	93.67	95.43
Year 3 PV (M)	112.10	115.32	118.60
Year 4 PV (M)	131.99	137.07	142.29
Year 5 PV (M)	151.60	158.93	166.53
PV of Terminal Value (M)	4,946.19	5,185.09	5,433.14
Equity Value (M)	5,505.25	5,762.19	6,028.79
Shares Outstanding (M)	460.35	460.35	460.35
Fair Value	$11.96	$12.52	$13.10
Upside / Downside	-4.33%	0.14%	4.77%

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Jiangxi Bestoo Ene (001376.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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