DDM Analysis: 600023.SS

Valuation Snapshot

Stable Growth	$7.38 - $12.96	$9.75
Multi-Stage	$7.45 - $8.16	$7.80
Blended Fair Value	$8.78
Current Price	$4.95
Upside	77.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.17%	1.87%	0.36	0.11	0.10	0.31	0.29	0.29	0.28	0.33	0.38	0.39
YoY Growth	-	-	211.70%	8.60%	-66.40%	6.46%	1.31%	3.99%	-16.67%	-12.20%	-1.22%	30.52%
Dividend Yield	-	-	6.23%	1.73%	2.93%	9.21%	7.39%	8.54%	5.60%	6.03%	6.68%	6.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,282.81
(-) Cash Dividends Paid (M)	940.31
(=) Cash Retained (M)	6,342.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,456.56	910.35	546.21
Cash Retained (M)	6,342.50	6,342.50	6,342.50
(-) Cash Required (M)	-1,456.56	-910.35	-546.21
(=) Excess Retained (M)	4,885.94	5,432.15	5,796.29
(/) Shares Outstanding (M)	13,411.86	13,411.86	13,411.86
(=) Excess Retained per Share	0.36	0.41	0.43
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.36	0.41	0.43
(=) Adjusted Dividend	0.43	0.48	0.50
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	3.26%	4.26%	5.26%
Fair Value	$7.38	$9.75	$12.96
Upside / Downside	49.09%	97.07%	161.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,282.81	7,593.04	7,916.48	8,253.71	8,605.29	8,971.86	9,241.01
Payout Ratio	12.91%	28.33%	43.75%	59.16%	74.58%	90.00%	92.50%
Projected Dividends (M)	940.31	2,151.04	3,463.21	4,883.27	6,418.02	8,074.67	8,547.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	3.26%	4.26%	5.26%
Year 1 PV (M)	1,948.46	1,967.33	1,986.20
Year 2 PV (M)	2,841.61	2,896.92	2,952.76
Year 3 PV (M)	3,629.45	3,735.92	3,844.45
Year 4 PV (M)	4,320.91	4,490.73	4,665.52
Year 5 PV (M)	4,924.27	5,167.37	5,419.99
PV of Terminal Value (M)	82,248.58	86,309.07	90,528.37
Equity Value (M)	99,913.27	104,567.34	109,397.28
Shares Outstanding (M)	13,411.86	13,411.86	13,411.86
Fair Value	$7.45	$7.80	$8.16
Upside / Downside	50.50%	57.51%	64.78%

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Zhejiang Zheneng Electric Power Co., Ltd. (600023.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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