DDM Analysis: 603659.SS

Valuation Snapshot

Stable Growth	$17.81 - $45.80	$26.97
Multi-Stage	$12.42 - $13.57	$12.99
Blended Fair Value	$19.98
Current Price	$30.92
Upside	-35.39%
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	13.55%	88.34%	0.27	0.34	0.24	0.15	0.13	0.14	0.09	0.00	0.00	0.00
YoY Growth	-	-	-20.82%	44.36%	59.95%	9.98%	-6.12%	61.46%	2,565.69%	620.24%	-44.00%	71.39%
Dividend Yield	-	-	1.47%	1.69%	0.68%	0.30%	0.57%	0.96%	0.66%	0.03%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,651.96
(-) Cash Dividends Paid (M)	541.55
(=) Cash Retained (M)	1,110.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	330.39	206.50	123.90
Cash Retained (M)	1,110.41	1,110.41	1,110.41
(-) Cash Required (M)	-330.39	-206.50	-123.90
(=) Excess Retained (M)	780.02	903.92	986.51
(/) Shares Outstanding (M)	2,121.12	2,121.12	2,121.12
(=) Excess Retained per Share	0.37	0.43	0.47
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.37	0.43	0.47
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.81	$26.97	$45.80
Upside / Downside	-42.40%	-12.78%	48.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,651.96	1,759.34	1,873.70	1,995.49	2,125.20	2,263.33	2,331.23
Payout Ratio	32.78%	44.23%	55.67%	67.11%	78.56%	90.00%	92.50%
Projected Dividends (M)	541.55	778.08	1,043.08	1,339.23	1,669.48	2,037.00	2,156.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	705.90	712.59	719.28
Year 2 PV (M)	858.52	874.87	891.37
Year 3 PV (M)	1,000.01	1,028.71	1,057.97
Year 4 PV (M)	1,130.95	1,174.45	1,219.18
Year 5 PV (M)	1,251.90	1,312.37	1,375.15
PV of Terminal Value (M)	21,406.50	22,440.44	23,513.95
Equity Value (M)	26,353.77	27,543.43	28,776.91
Shares Outstanding (M)	2,121.12	2,121.12	2,121.12
Fair Value	$12.42	$12.99	$13.57
Upside / Downside	-59.82%	-58.00%	-56.12%

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Shanghai Putailai New Energy Technology Co.,Ltd. (603659.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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