DDM Analysis: 600508.SS

Valuation Snapshot

Stable Growth	$6.05 - $10.33	$7.91
Multi-Stage	$6.77 - $7.42	$7.09
Blended Fair Value	$7.50
Current Price	$12.03
Upside	-37.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.10%	15.20%	0.68	0.78	0.28	0.41	0.38	0.40	0.32	0.21	0.18	0.17
YoY Growth	-	-	-13.42%	174.76%	-30.63%	6.92%	-4.06%	24.70%	50.75%	18.10%	6.70%	2.61%
Dividend Yield	-	-	5.68%	5.54%	2.02%	4.02%	3.82%	4.97%	2.94%	1.96%	1.57%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	345.04
(-) Cash Dividends Paid (M)	39.82
(=) Cash Retained (M)	305.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.01	43.13	25.88
Cash Retained (M)	305.22	305.22	305.22
(-) Cash Required (M)	-69.01	-43.13	-25.88
(=) Excess Retained (M)	236.21	262.09	279.34
(/) Shares Outstanding (M)	722.72	722.72	722.72
(=) Excess Retained per Share	0.33	0.36	0.39
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.33	0.36	0.39
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	2.48%	3.48%	4.48%
Fair Value	$6.05	$7.91	$10.33
Upside / Downside	-49.68%	-34.26%	-14.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	345.04	357.04	369.45	382.29	395.58	409.33	421.61
Payout Ratio	11.54%	27.23%	42.93%	58.62%	74.31%	90.00%	92.50%
Projected Dividends (M)	39.82	97.23	158.59	224.09	293.95	368.40	389.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	2.48%	3.48%	4.48%
Year 1 PV (M)	88.39	89.25	90.12
Year 2 PV (M)	131.05	133.62	136.22
Year 3 PV (M)	168.34	173.31	178.39
Year 4 PV (M)	200.73	208.69	216.87
Year 5 PV (M)	228.69	240.07	251.90
PV of Terminal Value (M)	4,074.44	4,277.16	4,487.86
Equity Value (M)	4,891.65	5,122.10	5,361.35
Shares Outstanding (M)	722.72	722.72	722.72
Fair Value	$6.77	$7.09	$7.42
Upside / Downside	-43.74%	-41.09%	-38.33%

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Shanghai Datun Energy Resources Co., Ltd. (600508.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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