DDM Analysis: 002128.SZ

Valuation Snapshot

Stable Growth	$54.85 - $152.05	$84.99
Multi-Stage	$36.25 - $39.66	$37.92
Blended Fair Value	$61.46
Current Price	$22.57
Upside	172.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.18%	30.14%	0.83	0.50	0.43	0.34	0.34	0.34	0.22	0.22	0.07	0.07
YoY Growth	-	-	64.93%	16.65%	25.00%	0.00%	0.00%	56.76%	0.00%	200.00%	0.00%	23.19%
Dividend Yield	-	-	4.29%	2.89%	3.19%	1.98%	3.43%	4.69%	2.28%	2.33%	0.81%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,059.90
(-) Cash Dividends Paid (M)	239.77
(=) Cash Retained (M)	4,820.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,011.98	632.49	379.49
Cash Retained (M)	4,820.13	4,820.13	4,820.13
(-) Cash Required (M)	-1,011.98	-632.49	-379.49
(=) Excess Retained (M)	3,808.15	4,187.64	4,440.64
(/) Shares Outstanding (M)	2,238.68	2,238.68	2,238.68
(=) Excess Retained per Share	1.70	1.87	1.98
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	1.70	1.87	1.98
(=) Adjusted Dividend	1.81	1.98	2.09
WACC / Discount Rate	8.98%	8.98%	8.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.85	$84.99	$152.05
Upside / Downside	143.00%	276.57%	573.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,059.90	5,388.79	5,739.07	6,112.10	6,509.39	6,932.50	7,140.48
Payout Ratio	4.74%	21.79%	38.84%	55.90%	72.95%	90.00%	92.50%
Projected Dividends (M)	239.77	1,174.27	2,229.24	3,416.39	4,748.45	6,239.25	6,604.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.98%	8.98%	8.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,067.41	1,077.53	1,087.64
Year 2 PV (M)	1,841.97	1,877.06	1,912.47
Year 3 PV (M)	2,566.01	2,639.67	2,714.72
Year 4 PV (M)	3,241.95	3,366.62	3,494.86
Year 5 PV (M)	3,872.13	4,059.16	4,253.34
PV of Terminal Value (M)	68,567.87	71,879.72	75,318.33
Equity Value (M)	81,157.33	84,899.75	88,781.37
Shares Outstanding (M)	2,238.68	2,238.68	2,238.68
Fair Value	$36.25	$37.92	$39.66
Upside / Downside	60.62%	68.03%	75.71%

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Inner Mongolia Dian Tou Energy Corporation Limited (002128.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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