DDM Analysis: 000933.SZ

Valuation Snapshot

Stable Growth	$175.31 - $379.42	$355.57
Multi-Stage	$57.59 - $63.02	$60.25
Blended Fair Value	$207.91
Current Price	$20.01
Upside	939.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.14%	6.51%	1.22	1.12	0.65	0.10	0.54	0.60	0.70	0.97	0.63	0.00
YoY Growth	-	-	8.69%	71.62%	552.95%	-81.61%	-9.66%	-14.49%	-27.18%	52.74%	0.00%	-100.00%
Dividend Yield	-	-	6.49%	5.53%	3.68%	0.71%	5.72%	14.54%	13.16%	12.89%	9.16%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,258.10
(-) Cash Dividends Paid (M)	1,906.18
(=) Cash Retained (M)	2,351.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	851.62	532.26	319.36
Cash Retained (M)	2,351.93	2,351.93	2,351.93
(-) Cash Required (M)	-851.62	-532.26	-319.36
(=) Excess Retained (M)	1,500.30	1,819.66	2,032.57
(/) Shares Outstanding (M)	2,231.94	2,231.94	2,231.94
(=) Excess Retained per Share	0.67	0.82	0.91
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.67	0.82	0.91
(=) Adjusted Dividend	1.53	1.67	1.76
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$175.31	$355.57	$379.42
Upside / Downside	776.10%	1,676.95%	1,796.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,258.10	4,534.88	4,829.65	5,143.57	5,477.90	5,833.97	6,008.99
Payout Ratio	44.77%	53.81%	62.86%	71.91%	80.95%	90.00%	92.50%
Projected Dividends (M)	1,906.18	2,440.34	3,035.89	3,698.56	4,434.54	5,250.57	5,558.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,271.62	2,293.15	2,314.69
Year 2 PV (M)	2,630.62	2,680.72	2,731.30
Year 3 PV (M)	2,983.25	3,068.89	3,156.15
Year 4 PV (M)	3,329.59	3,457.64	3,589.35
Year 5 PV (M)	3,669.74	3,846.99	4,031.02
PV of Terminal Value (M)	113,641.54	119,130.46	124,829.47
Equity Value (M)	128,526.36	134,477.86	140,651.97
Shares Outstanding (M)	2,231.94	2,231.94	2,231.94
Fair Value	$57.59	$60.25	$63.02
Upside / Downside	187.78%	201.11%	214.93%

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Henan Shenhuo Coal Industary and Electricity Power Corporation Limited Class A (000933.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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