DDM Analysis: 002034.SZ

Valuation Snapshot

Stable Growth	$94.94 - $260.67	$244.28
Multi-Stage	$36.53 - $39.98	$38.22
Blended Fair Value	$141.25
Current Price	$16.78
Upside	741.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	56.00%	20.51%	0.84	0.66	0.28	0.46	0.09	0.09	0.13	0.08	0.12	0.00
YoY Growth	-	-	28.08%	133.64%	-38.96%	400.71%	1.01%	-32.00%	77.56%	-36.13%	2,926.09%	-97.00%
Dividend Yield	-	-	4.54%	4.77%	1.57%	2.49%	0.50%	0.70%	0.72%	0.28%	0.37%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	599.87
(-) Cash Dividends Paid (M)	205.14
(=) Cash Retained (M)	394.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.97	74.98	44.99
Cash Retained (M)	394.72	394.72	394.72
(-) Cash Required (M)	-119.97	-74.98	-44.99
(=) Excess Retained (M)	274.75	319.74	349.73
(/) Shares Outstanding (M)	457.67	457.67	457.67
(=) Excess Retained per Share	0.60	0.70	0.76
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.60	0.70	0.76
(=) Adjusted Dividend	1.05	1.15	1.21
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$94.94	$244.28	$260.67
Upside / Downside	465.77%	1,355.79%	1,453.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	599.87	638.86	680.38	724.61	771.71	821.87	846.52
Payout Ratio	34.20%	45.36%	56.52%	67.68%	78.84%	90.00%	92.50%
Projected Dividends (M)	205.14	289.78	384.55	490.41	608.41	739.68	783.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	269.12	271.67	274.22
Year 2 PV (M)	331.67	337.99	344.37
Year 3 PV (M)	392.83	404.10	415.59
Year 4 PV (M)	452.60	470.01	487.91
Year 5 PV (M)	511.03	535.71	561.34
PV of Terminal Value (M)	14,759.74	15,472.64	16,212.82
Equity Value (M)	16,716.98	17,492.12	18,296.25
Shares Outstanding (M)	457.67	457.67	457.67
Fair Value	$36.53	$38.22	$39.98
Upside / Downside	117.68%	127.77%	138.24%

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Wangneng Environment Co., Ltd. (002034.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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