DDM Analysis: 000977.SZ

Valuation Snapshot

Stable Growth	$49.12 - $187.37	$82.88
Multi-Stage	$30.74 - $33.61	$32.15
Blended Fair Value	$57.51
Current Price	$74.42
Upside	-22.72%
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	12.23%	16.81%	0.41	0.48	0.52	0.11	0.20	0.23	0.25	0.12	0.08	0.09
YoY Growth	-	-	-14.83%	-7.99%	376.08%	-46.13%	-11.42%	-7.32%	105.05%	51.13%	-10.19%	2.98%
Dividend Yield	-	-	0.76%	1.08%	1.47%	0.40%	0.74%	0.59%	0.99%	0.53%	0.49%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,479.54
(-) Cash Dividends Paid (M)	488.71
(=) Cash Retained (M)	1,990.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	495.91	309.94	185.97
Cash Retained (M)	1,990.83	1,990.83	1,990.83
(-) Cash Required (M)	-495.91	-309.94	-185.97
(=) Excess Retained (M)	1,494.92	1,680.89	1,804.86
(/) Shares Outstanding (M)	1,472.14	1,472.14	1,472.14
(=) Excess Retained per Share	1.02	1.14	1.23
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	1.02	1.14	1.23
(=) Adjusted Dividend	1.35	1.47	1.56
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.12	$82.88	$187.37
Upside / Downside	-33.99%	11.36%	151.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,479.54	2,640.71	2,812.36	2,995.16	3,189.85	3,397.19	3,499.10
Payout Ratio	19.71%	33.77%	47.83%	61.88%	75.94%	90.00%	92.50%
Projected Dividends (M)	488.71	891.71	1,345.04	1,853.52	2,422.43	3,057.47	3,236.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	814.93	822.66	830.38
Year 2 PV (M)	1,123.39	1,144.79	1,166.39
Year 3 PV (M)	1,414.79	1,455.41	1,496.79
Year 4 PV (M)	1,689.84	1,754.82	1,821.67
Year 5 PV (M)	1,949.18	2,043.33	2,141.08
PV of Terminal Value (M)	38,255.19	40,102.93	42,021.39
Equity Value (M)	45,247.33	47,323.94	49,477.69
Shares Outstanding (M)	1,472.14	1,472.14	1,472.14
Fair Value	$30.74	$32.15	$33.61
Upside / Downside	-58.70%	-56.80%	-54.84%

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Inspur Electronic Information Industry Co., Ltd. (000977.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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