DDM Analysis: 000983.SZ

Valuation Snapshot

Stable Growth	$13.68 - $58.80	$33.47
Multi-Stage	$9.15 - $10.03	$9.58
Blended Fair Value	$21.52
Current Price	$6.95
Upside	209.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.51%	17.82%	0.85	1.29	0.70	0.07	0.19	0.33	0.20	0.18	0.17	0.19
YoY Growth	-	-	-34.05%	83.65%	870.59%	-62.62%	-42.17%	67.50%	12.94%	1.99%	-9.19%	15.76%
Dividend Yield	-	-	12.35%	12.72%	6.37%	0.58%	3.85%	8.95%	4.03%	2.93%	2.33%	3.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,696.00
(-) Cash Dividends Paid (M)	753.75
(=) Cash Retained (M)	942.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	339.20	212.00	127.20
Cash Retained (M)	942.25	942.25	942.25
(-) Cash Required (M)	-339.20	-212.00	-127.20
(=) Excess Retained (M)	603.05	730.25	815.05
(/) Shares Outstanding (M)	5,676.62	5,676.62	5,676.62
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$13.68	$33.47	$58.80
Upside / Downside	96.90%	381.55%	746.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,696.00	1,787.32	1,883.56	1,984.98	2,091.85	2,204.49	2,270.62
Payout Ratio	44.44%	53.55%	62.67%	71.78%	80.89%	90.00%	92.50%
Projected Dividends (M)	753.75	957.19	1,180.35	1,424.76	1,692.07	1,984.04	2,100.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	892.69	901.24	909.80
Year 2 PV (M)	1,026.64	1,046.40	1,066.36
Year 3 PV (M)	1,155.72	1,189.26	1,223.43
Year 4 PV (M)	1,280.07	1,329.83	1,381.03
Year 5 PV (M)	1,399.81	1,468.16	1,539.15
PV of Terminal Value (M)	46,199.17	48,454.92	50,797.92
Equity Value (M)	51,954.11	54,389.81	56,917.69
Shares Outstanding (M)	5,676.62	5,676.62	5,676.62
Fair Value	$9.15	$9.58	$10.03
Upside / Downside	31.69%	37.86%	44.27%

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Shanxi Coking Coal Energy Group Co.,Ltd. (000983.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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