DDM Analysis: 000591.SZ

Valuation Snapshot

Stable Growth	$7.36 - $25.32	$12.11
Multi-Stage	$7.36 - $8.07	$7.71
Blended Fair Value	$9.91
Current Price	$4.54
Upside	118.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.12%	8.88%	0.30	0.13	0.11	0.10	0.08	0.08	0.06	0.02	0.15	0.20
YoY Growth	-	-	133.11%	17.43%	14.27%	12.73%	5.77%	42.47%	208.85%	-87.70%	-28.03%	61.17%
Dividend Yield	-	-	6.72%	2.40%	1.59%	1.09%	1.23%	2.47%	1.31%	0.38%	2.72%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,059.87
(-) Cash Dividends Paid (M)	668.87
(=) Cash Retained (M)	391.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	211.97	132.48	79.49
Cash Retained (M)	391.01	391.01	391.01
(-) Cash Required (M)	-211.97	-132.48	-79.49
(=) Excess Retained (M)	179.03	258.52	311.52
(/) Shares Outstanding (M)	3,918.66	3,918.66	3,918.66
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.45%	4.45%	5.45%
Fair Value	$7.36	$12.11	$25.32
Upside / Downside	62.08%	166.65%	457.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,059.87	1,107.03	1,156.29	1,207.74	1,261.48	1,317.61	1,357.14
Payout Ratio	63.11%	68.49%	73.86%	79.24%	84.62%	90.00%	92.50%
Projected Dividends (M)	668.87	758.17	854.09	957.05	1,067.48	1,185.85	1,255.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.45%	4.45%	5.45%
Year 1 PV (M)	705.14	711.95	718.77
Year 2 PV (M)	738.79	753.14	767.63
Year 3 PV (M)	769.94	792.49	815.47
Year 4 PV (M)	798.71	830.05	862.29
Year 5 PV (M)	825.21	865.88	908.13
PV of Terminal Value (M)	25,020.43	26,253.34	27,534.39
Equity Value (M)	28,858.22	30,206.84	31,606.67
Shares Outstanding (M)	3,918.66	3,918.66	3,918.66
Fair Value	$7.36	$7.71	$8.07
Upside / Downside	62.21%	69.79%	77.66%

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CECEP Solar Energy Co.,Ltd. (000591.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener