DDM Analysis: 600282.SS

Valuation Snapshot

Stable Growth	$43.29 - $86.56	$81.12
Multi-Stage	$13.51 - $14.78	$14.13
Blended Fair Value	$47.63
Current Price	$5.25
Upside	807.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.51%	12.79%	0.49	0.37	0.42	0.34	0.26	0.25	0.11	0.09	0.12	0.12
YoY Growth	-	-	32.55%	-12.14%	24.00%	29.06%	5.61%	129.71%	23.16%	-26.84%	0.15%	-18.37%
Dividend Yield	-	-	10.66%	7.90%	10.84%	9.42%	6.81%	7.95%	2.56%	2.02%	3.29%	4.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,683.64
(-) Cash Dividends Paid (M)	1,466.94
(=) Cash Retained (M)	1,216.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	536.73	335.46	201.27
Cash Retained (M)	1,216.71	1,216.71	1,216.71
(-) Cash Required (M)	-536.73	-335.46	-201.27
(=) Excess Retained (M)	679.98	881.25	1,015.43
(/) Shares Outstanding (M)	6,165.52	6,165.52	6,165.52
(=) Excess Retained per Share	0.11	0.14	0.16
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.11	0.14	0.16
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.29	$81.12	$86.56
Upside / Downside	724.51%	1,445.19%	1,548.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,683.64	2,858.08	3,043.85	3,241.70	3,452.41	3,676.82	3,787.13
Payout Ratio	54.66%	61.73%	68.80%	75.86%	82.93%	90.00%	92.50%
Projected Dividends (M)	1,466.94	1,764.28	2,094.09	2,459.31	2,863.17	3,309.14	3,503.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,643.38	1,658.96	1,674.54
Year 2 PV (M)	1,816.92	1,851.53	1,886.46
Year 3 PV (M)	1,987.59	2,044.64	2,102.78
Year 4 PV (M)	2,155.41	2,238.30	2,323.56
Year 5 PV (M)	2,320.43	2,432.51	2,548.88
PV of Terminal Value (M)	73,355.32	76,898.41	80,577.11
Equity Value (M)	83,279.06	87,124.36	91,113.33
Shares Outstanding (M)	6,165.52	6,165.52	6,165.52
Fair Value	$13.51	$14.13	$14.78
Upside / Downside	157.28%	169.16%	181.48%

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Nanjing Iron & Steel Co., Ltd. (600282.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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