DDM Analysis: 600362.SS

Valuation Snapshot

Stable Growth	$42.74 - $89.43	$60.38
Multi-Stage	$32.04 - $34.96	$33.47
Blended Fair Value	$46.93
Current Price	$35.49
Upside	32.22%
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	46.76%	7.41%	1.37	1.03	0.50	0.10	0.10	0.20	0.58	0.37	0.32	0.32
YoY Growth	-	-	32.16%	106.05%	400.00%	0.00%	-50.00%	-65.44%	58.63%	15.71%	-1.91%	-51.76%
Dividend Yield	-	-	5.93%	4.39%	2.53%	0.52%	0.45%	1.59%	3.49%	2.12%	1.83%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,001.39
(-) Cash Dividends Paid (M)	2,716.61
(=) Cash Retained (M)	5,284.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,600.28	1,000.17	600.10
Cash Retained (M)	5,284.78	5,284.78	5,284.78
(-) Cash Required (M)	-1,600.28	-1,000.17	-600.10
(=) Excess Retained (M)	3,684.50	4,284.61	4,684.68
(/) Shares Outstanding (M)	3,452.29	3,452.29	3,452.29
(=) Excess Retained per Share	1.07	1.24	1.36
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	1.07	1.24	1.36
(=) Adjusted Dividend	1.85	2.03	2.14
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.74	$60.38	$89.43
Upside / Downside	20.42%	70.13%	151.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,001.39	8,521.48	9,075.38	9,665.28	10,293.52	10,962.60	11,291.48
Payout Ratio	33.95%	45.16%	56.37%	67.58%	78.79%	90.00%	92.50%
Projected Dividends (M)	2,716.61	3,848.42	5,115.88	6,531.86	8,110.30	9,866.34	10,444.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,463.28	3,496.11	3,528.94
Year 2 PV (M)	4,143.16	4,222.08	4,301.74
Year 3 PV (M)	4,760.51	4,897.17	5,036.42
Year 4 PV (M)	5,319.36	5,523.93	5,734.34
Year 5 PV (M)	5,823.50	6,104.78	6,396.82
PV of Terminal Value (M)	87,108.51	91,315.88	95,684.28
Equity Value (M)	110,618.31	115,559.93	120,682.52
Shares Outstanding (M)	3,452.29	3,452.29	3,452.29
Fair Value	$32.04	$33.47	$34.96
Upside / Downside	-9.72%	-5.68%	-1.50%

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Jiangxi Copper Company Limited (600362.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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