DDM Analysis: 600635.SS

Valuation Snapshot

Stable Growth	$2.30 - $3.86	$2.99
Multi-Stage	$6.55 - $7.22	$6.88
Blended Fair Value	$4.93
Current Price	$5.87
Upside	-15.98%
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	-10.00%	0.49%	0.12	0.13	0.15	0.16	0.17	0.20	0.16	0.14	0.11	0.08
YoY Growth	-	-	-8.57%	-15.32%	-4.06%	-6.95%	-14.58%	23.81%	18.61%	26.62%	38.59%	-31.00%
Dividend Yield	-	-	3.17%	4.47%	5.11%	4.57%	4.30%	5.01%	2.14%	2.79%	1.70%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	582.58
(-) Cash Dividends Paid (M)	154.97
(=) Cash Retained (M)	427.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	116.52	72.82	43.69
Cash Retained (M)	427.61	427.61	427.61
(-) Cash Required (M)	-116.52	-72.82	-43.69
(=) Excess Retained (M)	311.09	354.79	383.91
(/) Shares Outstanding (M)	2,953.53	2,953.53	2,953.53
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	-1.51%	-0.51%	0.49%
Fair Value	$2.30	$2.99	$3.86
Upside / Downside	-60.77%	-49.11%	-34.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	582.58	579.59	576.62	573.67	570.73	567.80	584.84
Payout Ratio	26.60%	39.28%	51.96%	64.64%	77.32%	90.00%	92.50%
Projected Dividends (M)	154.97	227.67	299.62	370.82	441.29	511.02	540.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	-1.51%	-0.51%	0.49%
Year 1 PV (M)	214.17	216.34	218.52
Year 2 PV (M)	265.14	270.55	276.01
Year 3 PV (M)	308.69	318.18	327.88
Year 4 PV (M)	345.56	359.81	374.50
Year 5 PV (M)	376.44	395.94	416.24
PV of Terminal Value (M)	17,827.06	18,750.67	19,712.17
Equity Value (M)	19,337.05	20,311.50	21,325.32
Shares Outstanding (M)	2,953.53	2,953.53	2,953.53
Fair Value	$6.55	$6.88	$7.22
Upside / Downside	11.54%	17.16%	23.00%

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Shanghai Dazhong Public Utilities(Group) Co.,Ltd. (600635.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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