DDM Analysis: 002073.SZ

Valuation Snapshot

Stable Growth	$37.66 - $92.20	$86.40
Multi-Stage	$13.38 - $14.64	$14.00
Blended Fair Value	$50.20
Current Price	$8.98
Upside	459.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	57.49%	3.32%	0.16	0.11	0.06	0.03	0.03	0.02	0.08	0.06	0.07	0.12
YoY Growth	-	-	49.89%	79.63%	80.33%	9.25%	82.66%	-80.66%	50.35%	-22.45%	-40.72%	7.04%
Dividend Yield	-	-	1.75%	1.51%	0.81%	0.52%	0.66%	0.40%	1.34%	0.72%	0.70%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	465.84
(-) Cash Dividends Paid (M)	145.98
(=) Cash Retained (M)	319.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.17	58.23	34.94
Cash Retained (M)	319.86	319.86	319.86
(-) Cash Required (M)	-93.17	-58.23	-34.94
(=) Excess Retained (M)	226.70	261.63	284.93
(/) Shares Outstanding (M)	1,004.83	1,004.83	1,004.83
(=) Excess Retained per Share	0.23	0.26	0.28
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.23	0.26	0.28
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.66	$86.40	$92.20
Upside / Downside	319.34%	862.19%	926.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	465.84	496.12	528.37	562.71	599.29	638.24	657.39
Payout Ratio	31.34%	43.07%	54.80%	66.53%	78.27%	90.00%	92.50%
Projected Dividends (M)	145.98	213.68	289.56	374.40	469.05	574.42	608.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	198.68	200.56	202.44
Year 2 PV (M)	250.33	255.10	259.92
Year 3 PV (M)	300.97	309.61	318.41
Year 4 PV (M)	350.58	364.07	377.94
Year 5 PV (M)	399.21	418.49	438.51
PV of Terminal Value (M)	11,941.16	12,517.93	13,116.76
Equity Value (M)	13,440.93	14,065.75	14,713.97
Shares Outstanding (M)	1,004.83	1,004.83	1,004.83
Fair Value	$13.38	$14.00	$14.64
Upside / Downside	48.96%	55.88%	63.07%

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Mesnac Co., Ltd. (002073.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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