DDM Analysis: 301658.SZ

Valuation Snapshot

Stable Growth	$2.68 - $3.81	$3.24
Multi-Stage	$4.14 - $4.54	$4.34
Blended Fair Value	$3.79
Current Price	$35.19
Upside	-89.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	155.34
(-) Cash Dividends Paid (M)	51.73
(=) Cash Retained (M)	103.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.07	19.42	11.65
Cash Retained (M)	103.61	103.61	103.61
(-) Cash Required (M)	-31.07	-19.42	-11.65
(=) Excess Retained (M)	72.54	84.19	91.96
(/) Shares Outstanding (M)	383.63	383.63	383.63
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.68	$3.24	$3.81
Upside / Downside	-92.37%	-90.79%	-89.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	155.34	153.78	152.25	150.72	149.22	147.72	152.15
Payout Ratio	33.30%	44.64%	55.98%	67.32%	78.66%	90.00%	92.50%
Projected Dividends (M)	51.73	68.65	85.23	101.47	117.37	132.95	140.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	61.88	62.51	63.14
Year 2 PV (M)	69.24	70.66	72.10
Year 3 PV (M)	74.30	76.60	78.94
Year 4 PV (M)	77.47	80.68	83.99
Year 5 PV (M)	79.09	83.21	87.50
PV of Terminal Value (M)	1,226.76	1,290.64	1,357.15
Equity Value (M)	1,588.74	1,664.30	1,742.82
Shares Outstanding (M)	383.63	383.63	383.63
Fair Value	$4.14	$4.34	$4.54
Upside / Downside	-88.23%	-87.67%	-87.09%

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Shenzhen SOFARSOLAR Co Ltd (301658.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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