DDM Analysis: 000672.SZ

Valuation Snapshot

Stable Growth	$58.07 - $162.51	$152.29
Multi-Stage	$25.87 - $28.28	$27.06
Blended Fair Value	$89.67
Current Price	$11.02
Upside	713.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.36%	12.76%	0.57	0.49	0.80	0.80	0.83	0.40	0.18	0.12	0.11	0.13
YoY Growth	-	-	16.07%	-38.02%	-0.82%	-2.97%	106.05%	128.99%	41.00%	8.37%	-11.34%	-24.90%
Dividend Yield	-	-	7.55%	6.63%	6.79%	4.42%	4.55%	2.46%	1.78%	1.22%	1.25%	2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	751.03
(-) Cash Dividends Paid (M)	690.48
(=) Cash Retained (M)	60.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	150.21	93.88	56.33
Cash Retained (M)	60.55	60.55	60.55
(-) Cash Required (M)	-150.21	-93.88	-56.33
(=) Excess Retained (M)	-89.66	-33.33	4.22
(/) Shares Outstanding (M)	915.91	915.91	915.91
(=) Excess Retained per Share	-0.10	-0.04	0.00
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	-0.10	-0.04	0.00
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.13%	6.13%	7.13%
Fair Value	$58.07	$152.29	$162.51
Upside / Downside	426.95%	1,281.95%	1,374.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	751.03	797.05	845.90	897.74	952.76	1,011.15	1,041.48
Payout Ratio	91.94%	91.55%	91.16%	90.78%	90.39%	90.00%	92.50%
Projected Dividends (M)	690.48	729.71	771.15	814.93	861.17	910.03	963.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.13%	6.13%	7.13%
Year 1 PV (M)	679.89	686.36	692.83
Year 2 PV (M)	669.45	682.25	695.16
Year 3 PV (M)	659.16	678.15	697.50
Year 4 PV (M)	649.01	674.06	699.83
Year 5 PV (M)	639.01	669.98	702.15
PV of Terminal Value (M)	20,400.53	21,389.43	22,416.32
Equity Value (M)	23,697.04	24,780.22	25,903.78
Shares Outstanding (M)	915.91	915.91	915.91
Fair Value	$25.87	$27.06	$28.28
Upside / Downside	134.78%	145.51%	156.64%

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Gansu Shangfeng Cement Co.,Ltd (000672.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener