DDM Analysis: 600547.SS

Valuation Snapshot

Stable Growth	$13.72 - $23.97	$18.10
Multi-Stage	$11.21 - $12.20	$11.70
Blended Fair Value	$14.90
Current Price	$39.33
Upside	-62.12%
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	11.64%	11.64%	11.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.72	$18.10	$23.97
Upside / Downside	-65.11%	-53.98%	-39.04%

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	11.64%	11.64%	11.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,285.15	2,306.81	2,328.47
Year 2 PV (M)	2,592.42	2,641.79	2,691.64
Year 3 PV (M)	2,858.96	2,941.03	3,024.65
Year 4 PV (M)	3,088.32	3,207.09	3,329.25
Year 5 PV (M)	3,283.80	3,442.41	3,607.09
PV of Terminal Value (M)	40,224.26	42,167.11	44,184.31
Equity Value (M)	54,332.90	56,706.23	59,165.41
Shares Outstanding (M)	4,848.14	4,848.14	4,848.14
Fair Value	$11.21	$11.70	$12.20
Upside / Downside	-71.51%	-70.26%	-68.97%

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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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