DDM Analysis: 601899.SS

Valuation Snapshot

Stable Growth	$49.47 - $190.95	$83.69
Multi-Stage	$31.01 - $33.90	$32.43
Blended Fair Value	$58.06
Current Price	$29.44
Upside	97.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.50%	18.33%	0.50	0.45	0.32	0.19	0.17	0.17	0.14	0.11	0.10	0.10
YoY Growth	-	-	10.55%	40.54%	68.02%	8.92%	1.04%	24.25%	26.45%	8.02%	5.68%	4.45%
Dividend Yield	-	-	2.73%	2.65%	2.57%	1.67%	1.81%	4.67%	3.80%	2.52%	3.00%	2.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45,556.77
(-) Cash Dividends Paid (M)	10,805.87
(=) Cash Retained (M)	34,750.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,111.35	5,694.60	3,416.76
Cash Retained (M)	34,750.89	34,750.89	34,750.89
(-) Cash Required (M)	-9,111.35	-5,694.60	-3,416.76
(=) Excess Retained (M)	25,639.54	29,056.30	31,334.14
(/) Shares Outstanding (M)	27,000.39	27,000.39	27,000.39
(=) Excess Retained per Share	0.95	1.08	1.16
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.95	1.08	1.16
(=) Adjusted Dividend	1.35	1.48	1.56
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.47	$83.69	$190.95
Upside / Downside	68.03%	184.29%	548.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45,556.77	48,517.95	51,671.62	55,030.28	58,607.25	62,416.72	64,289.22
Payout Ratio	23.72%	36.98%	50.23%	63.49%	76.74%	90.00%	92.50%
Projected Dividends (M)	10,805.87	17,939.83	25,955.56	34,937.53	44,977.49	56,175.04	59,467.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,397.50	16,552.92	16,708.35
Year 2 PV (M)	21,684.46	22,097.49	22,514.41
Year 3 PV (M)	26,678.99	27,444.85	28,225.23
Year 4 PV (M)	31,392.91	32,600.20	33,841.97
Year 5 PV (M)	35,837.60	37,568.57	39,365.78
PV of Terminal Value (M)	705,344.99	739,413.41	774,785.72
Equity Value (M)	837,336.45	875,677.44	915,441.46
Shares Outstanding (M)	27,000.39	27,000.39	27,000.39
Fair Value	$31.01	$32.43	$33.90
Upside / Downside	5.34%	10.16%	15.17%

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Zijin Mining Group Company Limited (601899.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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