DDM Analysis: 000421.SZ

Valuation Snapshot

Stable Growth	$28.82 - $60.91	$57.08
Multi-Stage	$9.59 - $10.48	$10.02
Blended Fair Value	$33.55
Current Price	$6.26
Upside	436.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.06%	25.73%	0.30	0.32	0.40	0.34	0.24	0.20	0.23	0.32	0.40	0.16
YoY Growth	-	-	-4.42%	-21.41%	19.84%	39.89%	16.99%	-10.35%	-29.04%	-20.06%	154.22%	418.29%
Dividend Yield	-	-	5.16%	6.01%	8.03%	6.65%	3.72%	5.01%	4.16%	5.98%	4.79%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	176.24
(-) Cash Dividends Paid (M)	161.60
(=) Cash Retained (M)	14.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.25	22.03	13.22
Cash Retained (M)	14.64	14.64	14.64
(-) Cash Required (M)	-35.25	-22.03	-13.22
(=) Excess Retained (M)	-20.61	-7.39	1.42
(/) Shares Outstanding (M)	575.42	575.42	575.42
(=) Excess Retained per Share	-0.04	-0.01	0.00
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	-0.04	-0.01	0.00
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.82	$57.08	$60.91
Upside / Downside	360.34%	811.86%	873.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	176.24	187.69	199.89	212.89	226.73	241.46	248.71
Payout Ratio	91.69%	91.35%	91.02%	90.68%	90.34%	90.00%	92.50%
Projected Dividends (M)	161.60	171.47	181.94	193.04	204.82	217.32	230.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	159.64	161.16	162.67
Year 2 PV (M)	157.71	160.72	163.75
Year 3 PV (M)	155.80	160.27	164.83
Year 4 PV (M)	153.91	159.83	165.92
Year 5 PV (M)	152.04	159.38	167.01
PV of Terminal Value (M)	4,738.02	4,966.87	5,204.48
Equity Value (M)	5,517.13	5,768.23	6,028.65
Shares Outstanding (M)	575.42	575.42	575.42
Fair Value	$9.59	$10.02	$10.48
Upside / Downside	53.16%	60.13%	67.36%

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Nanjing Public Utilities Development Co., Ltd. (000421.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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