DDM Analysis: 600131.SS

Valuation Snapshot

Stable Growth	$11.29 - $24.70	$16.20
Multi-Stage	$8.02 - $8.76	$8.38
Blended Fair Value	$12.29
Current Price	$17.66
Upside	-30.39%
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	11.04%	10.57%	0.20	0.19	0.19	0.18	0.15	0.12	0.12	0.02	0.02	0.02
YoY Growth	-	-	2.80%	3.61%	5.70%	18.82%	26.22%	-2.73%	509.76%	0.00%	0.00%	-72.72%
Dividend Yield	-	-	1.06%	1.01%	0.94%	1.18%	0.97%	0.66%	0.62%	0.31%	0.18%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	735.67
(-) Cash Dividends Paid (M)	41.27
(=) Cash Retained (M)	694.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	147.13	91.96	55.18
Cash Retained (M)	694.40	694.40	694.40
(-) Cash Required (M)	-147.13	-91.96	-55.18
(=) Excess Retained (M)	547.26	602.44	639.22
(/) Shares Outstanding (M)	1,269.98	1,269.98	1,269.98
(=) Excess Retained per Share	0.43	0.47	0.50
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.43	0.47	0.50
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.29	$16.20	$24.70
Upside / Downside	-36.09%	-8.26%	39.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	735.67	783.49	834.41	888.65	946.41	1,007.93	1,038.17
Payout Ratio	5.61%	22.49%	39.37%	56.24%	73.12%	90.00%	92.50%
Projected Dividends (M)	41.27	176.19	328.48	499.81	692.04	907.14	960.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	158.91	160.42	161.93
Year 2 PV (M)	267.21	272.30	277.44
Year 3 PV (M)	366.71	377.24	387.97
Year 4 PV (M)	457.96	475.57	493.68
Year 5 PV (M)	541.43	567.58	594.73
PV of Terminal Value (M)	8,389.30	8,794.51	9,215.22
Equity Value (M)	10,181.52	10,647.61	11,130.97
Shares Outstanding (M)	1,269.98	1,269.98	1,269.98
Fair Value	$8.02	$8.38	$8.76
Upside / Downside	-54.60%	-52.52%	-50.37%

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State Grid Information & Communication Co., Ltd. (600131.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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