DDM Analysis: 603799.SS

Valuation Snapshot

Stable Growth	$151.31 - $601.77	$409.96
Multi-Stage	$74.11 - $81.03	$77.51
Blended Fair Value	$243.74
Current Price	$65.90
Upside	269.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	50.14%	34.90%	2.18	1.27	0.74	0.44	0.21	0.29	0.33	0.11	0.15	0.16
YoY Growth	-	-	71.73%	71.45%	68.51%	106.43%	-25.51%	-13.02%	208.66%	-29.32%	-5.81%	46.30%
Dividend Yield	-	-	6.39%	4.25%	1.34%	0.58%	0.40%	1.26%	1.39%	0.21%	0.69%	1.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,350.67
(-) Cash Dividends Paid (M)	2,568.74
(=) Cash Retained (M)	2,781.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,070.13	668.83	401.30
Cash Retained (M)	2,781.93	2,781.93	2,781.93
(-) Cash Required (M)	-1,070.13	-668.83	-401.30
(=) Excess Retained (M)	1,711.79	2,113.09	2,380.63
(/) Shares Outstanding (M)	1,768.29	1,768.29	1,768.29
(=) Excess Retained per Share	0.97	1.19	1.35
LTM Dividend per Share	1.45	1.45	1.45
(+) Excess Retained per Share	0.97	1.19	1.35
(=) Adjusted Dividend	2.42	2.65	2.80
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$151.31	$409.96	$601.77
Upside / Downside	129.61%	522.10%	813.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,350.67	5,698.46	6,068.86	6,463.33	6,883.45	7,330.88	7,550.80
Payout Ratio	48.01%	56.41%	64.80%	73.20%	81.60%	90.00%	92.50%
Projected Dividends (M)	2,568.74	3,214.29	3,932.91	4,731.36	5,617.00	6,597.79	6,984.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,970.59	2,998.74	3,026.90
Year 2 PV (M)	3,359.14	3,423.12	3,487.71
Year 3 PV (M)	3,734.73	3,841.94	3,951.18
Year 4 PV (M)	4,097.65	4,255.23	4,417.32
Year 5 PV (M)	4,448.21	4,663.06	4,886.14
PV of Terminal Value (M)	112,443.79	117,874.86	123,513.80
Equity Value (M)	131,054.10	137,056.97	143,283.05
Shares Outstanding (M)	1,768.29	1,768.29	1,768.29
Fair Value	$74.11	$77.51	$81.03
Upside / Downside	12.46%	17.61%	22.96%

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Zhejiang Huayou Cobalt Co., Ltd (603799.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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