DDM Analysis: 2798.HK

Valuation Snapshot

Stable Growth	$4.76 - $7.42	$5.98
Multi-Stage	$10.98 - $12.11	$11.54
Blended Fair Value	$8.76
Current Price	$0.68
Upside	1,180.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.05	0.11	0.03	0.03	0.02	0.00	0.09	0.00	0.00	0.00
YoY Growth	-	-	-59.42%	264.20%	-7.71%	45.25%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.13%	14.50%	4.89%	2.50%	0.27%	0.00%	15.28%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	796.60
(-) Cash Dividends Paid (M)	75.80
(=) Cash Retained (M)	720.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	159.32	99.57	59.74
Cash Retained (M)	720.80	720.80	720.80
(-) Cash Required (M)	-159.32	-99.57	-59.74
(=) Excess Retained (M)	561.48	621.22	661.05
(/) Shares Outstanding (M)	1,600.00	1,600.00	1,600.00
(=) Excess Retained per Share	0.35	0.39	0.41
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.35	0.39	0.41
(=) Adjusted Dividend	0.40	0.44	0.46
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.76	$5.98	$7.42
Upside / Downside	595.23%	774.76%	984.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	796.60	788.63	780.74	772.94	765.21	757.55	780.28
Payout Ratio	9.52%	25.61%	41.71%	57.81%	73.90%	90.00%	92.50%
Projected Dividends (M)	75.80	201.98	325.64	446.80	565.51	681.80	721.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	188.26	190.18	192.10
Year 2 PV (M)	282.89	288.69	294.56
Year 3 PV (M)	361.77	372.96	384.38
Year 4 PV (M)	426.78	444.47	462.70
Year 5 PV (M)	479.58	504.55	530.55
PV of Terminal Value (M)	15,833.38	16,657.86	17,516.34
Equity Value (M)	17,572.66	18,458.71	19,380.62
Shares Outstanding (M)	1,600.00	1,600.00	1,600.00
Fair Value	$10.98	$11.54	$12.11
Upside / Downside	1,505.34%	1,586.28%	1,670.50%

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Perennial Energy Holdings Limited (2798.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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