DDM Analysis: 300014.SZ

Valuation Snapshot

Stable Growth	$286.08 - $337.06	$315.87
Multi-Stage	$191.67 - $210.31	$200.81
Blended Fair Value	$258.34
Current Price	$91.00
Upside	183.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	84.19%	86.35%	0.80	0.49	0.35	0.06	0.10	0.04	0.08	0.05	0.02	0.01
YoY Growth	-	-	63.22%	41.65%	505.47%	-41.22%	157.67%	-54.58%	63.39%	142.11%	79.00%	640.69%
Dividend Yield	-	-	1.70%	1.21%	0.50%	0.07%	0.13%	0.12%	0.59%	0.54%	0.22%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,702.62
(-) Cash Dividends Paid (M)	1,620.80
(=) Cash Retained (M)	2,081.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	740.52	462.83	277.70
Cash Retained (M)	2,081.82	2,081.82	2,081.82
(-) Cash Required (M)	-740.52	-462.83	-277.70
(=) Excess Retained (M)	1,341.29	1,618.99	1,804.12
(/) Shares Outstanding (M)	2,184.68	2,184.68	2,184.68
(=) Excess Retained per Share	0.61	0.74	0.83
LTM Dividend per Share	0.74	0.74	0.74
(+) Excess Retained per Share	0.61	0.74	0.83
(=) Adjusted Dividend	1.36	1.48	1.57
WACC / Discount Rate	2.66%	2.66%	2.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$286.08	$315.87	$337.06
Upside / Downside	214.38%	247.11%	270.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,702.62	3,943.29	4,199.61	4,472.58	4,763.30	5,072.91	5,225.10
Payout Ratio	43.77%	53.02%	62.26%	71.51%	80.75%	90.00%	92.50%
Projected Dividends (M)	1,620.80	2,090.72	2,614.87	3,198.33	3,846.60	4,565.62	4,833.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.66%	2.66%	2.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,017.34	2,036.46	2,055.58
Year 2 PV (M)	2,434.53	2,480.91	2,527.71
Year 3 PV (M)	2,873.24	2,955.72	3,039.77
Year 4 PV (M)	3,334.32	3,462.55	3,594.44
Year 5 PV (M)	3,818.68	4,003.13	4,194.63
PV of Terminal Value (M)	404,250.18	423,775.62	444,048.34
Equity Value (M)	418,728.30	438,714.38	459,460.47
Shares Outstanding (M)	2,184.68	2,184.68	2,184.68
Fair Value	$191.67	$200.81	$210.31
Upside / Downside	110.62%	120.67%	131.11%

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EVE Energy Co., Ltd. (300014.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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