DDM Analysis: 603080.SS

Valuation Snapshot

Stable Growth	$132.43 - $257.45	$241.27
Multi-Stage	$40.18 - $43.98	$42.05
Blended Fair Value	$141.66
Current Price	$23.95
Upside	491.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.37%	6.85%	0.48	0.22	0.44	0.34	0.13	0.07	0.19	0.00	0.00	0.04
YoY Growth	-	-	113.37%	-48.52%	26.97%	157.07%	93.86%	-63.66%	0.00%	-100.00%	-91.54%	-83.26%
Dividend Yield	-	-	3.02%	1.57%	3.12%	2.50%	0.82%	0.56%	0.83%	0.00%	0.02%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	183.66
(-) Cash Dividends Paid (M)	79.99
(=) Cash Retained (M)	103.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.73	22.96	13.77
Cash Retained (M)	103.67	103.67	103.67
(-) Cash Required (M)	-36.73	-22.96	-13.77
(=) Excess Retained (M)	66.94	80.72	89.90
(/) Shares Outstanding (M)	141.87	141.87	141.87
(=) Excess Retained per Share	0.47	0.57	0.63
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.47	0.57	0.63
(=) Adjusted Dividend	1.04	1.13	1.20
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$132.43	$241.27	$257.45
Upside / Downside	452.93%	907.38%	974.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	183.66	195.60	208.31	221.85	236.27	251.63	259.18
Payout Ratio	43.55%	52.84%	62.13%	71.42%	80.71%	90.00%	92.50%
Projected Dividends (M)	79.99	103.36	129.43	158.45	190.70	226.47	239.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	96.30	97.21	98.12
Year 2 PV (M)	112.35	114.49	116.65
Year 3 PV (M)	128.14	131.82	135.57
Year 4 PV (M)	143.69	149.21	154.89
Year 5 PV (M)	158.98	166.66	174.63
PV of Terminal Value (M)	5,061.52	5,305.99	5,559.82
Equity Value (M)	5,700.97	5,965.38	6,239.68
Shares Outstanding (M)	141.87	141.87	141.87
Fair Value	$40.18	$42.05	$43.98
Upside / Downside	67.78%	75.56%	83.63%

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Xinjiang Torch Gas Co., Ltd (603080.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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