DDM Analysis: 002075.SZ

Valuation Snapshot

Stable Growth	$2.69 - $6.45	$3.98
Multi-Stage	$4.79 - $5.26	$5.02
Blended Fair Value	$4.50
Current Price	$5.62
Upside	-19.91%
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	24.19%	7.11%	0.09	0.05	0.08	0.10	0.10	0.03	0.03	0.00	0.00	0.01
YoY Growth	-	-	78.19%	-37.50%	-20.00%	-0.59%	233.52%	-0.04%	3,149.18%	-73.71%	-73.65%	-70.11%
Dividend Yield	-	-	1.54%	1.10%	1.91%	1.75%	1.11%	0.33%	0.29%	0.01%	0.02%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	288.30
(-) Cash Dividends Paid (M)	121.92
(=) Cash Retained (M)	166.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.66	36.04	21.62
Cash Retained (M)	166.38	166.38	166.38
(-) Cash Required (M)	-57.66	-36.04	-21.62
(=) Excess Retained (M)	108.72	130.34	144.75
(/) Shares Outstanding (M)	2,209.77	2,209.77	2,209.77
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	5.35%	5.35%	5.35%
Growth Rate	1.41%	2.41%	3.41%
Fair Value	$2.69	$3.98	$6.45
Upside / Downside	-52.15%	-29.14%	14.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	288.30	295.25	302.37	309.66	317.13	324.78	334.52
Payout Ratio	42.29%	51.83%	61.37%	70.92%	80.46%	90.00%	92.50%
Projected Dividends (M)	121.92	153.04	185.58	219.60	255.16	292.30	309.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.35%	5.35%	5.35%
Growth Rate	1.41%	2.41%	3.41%
Year 1 PV (M)	143.85	145.27	146.69
Year 2 PV (M)	163.97	167.22	170.50
Year 3 PV (M)	182.38	187.83	193.39
Year 4 PV (M)	199.19	207.16	215.38
Year 5 PV (M)	214.49	225.28	236.49
PV of Terminal Value (M)	9,674.52	10,161.01	10,666.88
Equity Value (M)	10,578.40	11,093.77	11,629.32
Shares Outstanding (M)	2,209.77	2,209.77	2,209.77
Fair Value	$4.79	$5.02	$5.26
Upside / Downside	-14.82%	-10.67%	-6.36%

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Jiangsu Shagang Co., Ltd. (002075.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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