DDM Analysis: 600323.SS

Valuation Snapshot

Stable Growth	$237.44 - $460.44	$431.50
Multi-Stage	$71.00 - $77.76	$74.31
Blended Fair Value	$252.91
Current Price	$27.03
Upside	835.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.16%	15.53%	1.09	0.90	0.88	0.77	0.72	0.59	0.47	0.44	0.39	0.41
YoY Growth	-	-	22.13%	1.42%	14.52%	7.26%	21.95%	24.68%	8.30%	11.10%	-4.87%	60.04%
Dividend Yield	-	-	4.58%	5.38%	4.95%	4.13%	2.69%	2.95%	2.71%	3.12%	2.78%	3.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,883.51
(-) Cash Dividends Paid (M)	442.04
(=) Cash Retained (M)	1,441.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	376.70	235.44	141.26
Cash Retained (M)	1,441.46	1,441.46	1,441.46
(-) Cash Required (M)	-376.70	-235.44	-141.26
(=) Excess Retained (M)	1,064.76	1,206.02	1,300.20
(/) Shares Outstanding (M)	813.54	813.54	813.54
(=) Excess Retained per Share	1.31	1.48	1.60
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	1.31	1.48	1.60
(=) Adjusted Dividend	1.85	2.03	2.14
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$237.44	$431.50	$460.44
Upside / Downside	778.42%	1,496.36%	1,603.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,883.51	2,005.93	2,136.32	2,275.18	2,423.07	2,580.57	2,657.98
Payout Ratio	23.47%	36.78%	50.08%	63.39%	76.69%	90.00%	92.50%
Projected Dividends (M)	442.04	737.69	1,069.90	1,442.18	1,858.34	2,322.51	2,458.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	687.30	693.82	700.33
Year 2 PV (M)	928.74	946.43	964.29
Year 3 PV (M)	1,166.40	1,199.88	1,234.00
Year 4 PV (M)	1,400.32	1,454.18	1,509.57
Year 5 PV (M)	1,630.56	1,709.31	1,791.09
PV of Terminal Value (M)	51,945.37	54,454.35	57,059.36
Equity Value (M)	57,758.70	60,457.98	63,258.63
Shares Outstanding (M)	813.54	813.54	813.54
Fair Value	$71.00	$74.31	$77.76
Upside / Downside	162.66%	174.94%	187.67%

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Grandblue Environment Co., Ltd. (600323.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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