DDM Analysis: 600547.SS

Valuation Snapshot

Stable Growth	$28.67 - $105.61	$47.96
Multi-Stage	$18.44 - $20.14	$19.27
Blended Fair Value	$33.62
Current Price	$39.33
Upside	-14.52%
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	33.37%	19.59%	0.67	0.48	0.35	0.26	0.23	0.16	0.20	0.13	0.10	0.10
YoY Growth	-	-	40.65%	36.59%	35.18%	13.29%	43.45%	-20.33%	53.12%	30.38%	-3.34%	-7.78%
Dividend Yield	-	-	2.49%	1.61%	1.58%	1.20%	1.07%	0.65%	1.24%	0.88%	0.55%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,841.88
(-) Cash Dividends Paid (M)	1,933.31
(=) Cash Retained (M)	2,908.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	968.38	605.23	363.14
Cash Retained (M)	2,908.57	2,908.57	2,908.57
(-) Cash Required (M)	-968.38	-605.23	-363.14
(=) Excess Retained (M)	1,940.19	2,303.33	2,545.43
(/) Shares Outstanding (M)	4,848.14	4,848.14	4,848.14
(=) Excess Retained per Share	0.40	0.48	0.53
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.40	0.48	0.53
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.67	$47.96	$105.61
Upside / Downside	-27.11%	21.95%	168.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,841.88	5,156.60	5,491.78	5,848.75	6,228.91	6,633.79	6,832.81
Payout Ratio	39.93%	49.94%	59.96%	69.97%	79.99%	90.00%	92.50%
Projected Dividends (M)	1,933.31	2,575.37	3,292.73	4,092.46	4,982.25	5,970.41	6,320.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,352.62	2,374.92	2,397.22
Year 2 PV (M)	2,747.77	2,800.10	2,852.93
Year 3 PV (M)	3,119.76	3,209.31	3,300.57
Year 4 PV (M)	3,469.55	3,602.98	3,740.22
Year 5 PV (M)	3,798.09	3,981.53	4,172.00
PV of Terminal Value (M)	73,905.47	77,475.14	81,181.42
Equity Value (M)	89,393.25	93,443.99	97,644.37
Shares Outstanding (M)	4,848.14	4,848.14	4,848.14
Fair Value	$18.44	$19.27	$20.14
Upside / Downside	-53.12%	-50.99%	-48.79%

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Shandong Gold Mining Co., Ltd. (600547.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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