DDM Analysis: 605028.SS

Valuation Snapshot

Stable Growth	$40.83 - $202.75	$85.80
Multi-Stage	$29.55 - $32.32	$30.91
Blended Fair Value	$58.35
Current Price	$30.79
Upside	89.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	80.19%	0.00%	0.60	0.30	0.50	0.50	0.02	0.03	0.30	0.10	0.10	0.00
YoY Growth	-	-	100.00%	-40.00%	0.00%	2,632.52%	-42.08%	-89.42%	201.12%	1.75%	0.00%	0.00%
Dividend Yield	-	-	3.62%	1.87%	2.83%	2.60%	0.09%	0.16%	1.47%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	164.40
(-) Cash Dividends Paid (M)	127.74
(=) Cash Retained (M)	36.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.88	20.55	12.33
Cash Retained (M)	36.65	36.65	36.65
(-) Cash Required (M)	-32.88	-20.55	-12.33
(=) Excess Retained (M)	3.77	16.10	24.32
(/) Shares Outstanding (M)	159.58	159.58	159.58
(=) Excess Retained per Share	0.02	0.10	0.15
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.02	0.10	0.15
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.39%	5.39%	6.39%
Fair Value	$40.83	$85.80	$202.75
Upside / Downside	32.60%	178.65%	558.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	164.40	173.25	182.58	192.42	202.78	213.70	220.11
Payout Ratio	77.70%	80.16%	82.62%	85.08%	87.54%	90.00%	92.50%
Projected Dividends (M)	127.74	138.88	150.85	163.71	177.52	192.33	203.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.39%	5.39%	6.39%
Year 1 PV (M)	129.18	130.41	131.65
Year 2 PV (M)	130.51	133.02	135.55
Year 3 PV (M)	131.73	135.55	139.45
Year 4 PV (M)	132.86	138.02	143.33
Year 5 PV (M)	133.89	140.42	147.21
PV of Terminal Value (M)	4,057.07	4,255.16	4,460.91
Equity Value (M)	4,715.22	4,932.58	5,158.11
Shares Outstanding (M)	159.58	159.58	159.58
Fair Value	$29.55	$30.91	$32.32
Upside / Downside	-4.04%	0.39%	4.98%

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Ningbo Shimao Energy Co.,Ltd (605028.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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