DDM Analysis: 600547.SS

Valuation Snapshot

Stable Growth	$45.37 - $198.62	$108.51
Multi-Stage	$23.31 - $25.49	$24.38
Blended Fair Value	$66.45
Current Price	$39.33
Upside	68.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.37%	19.59%	0.67	0.48	0.35	0.26	0.23	0.16	0.20	0.13	0.10	0.10
YoY Growth	-	-	40.65%	36.59%	35.18%	13.29%	43.45%	-20.33%	53.12%	30.38%	-3.34%	-7.78%
Dividend Yield	-	-	2.49%	1.61%	1.58%	1.20%	1.07%	0.65%	1.24%	0.88%	0.55%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,841.88
(-) Cash Dividends Paid (M)	1,933.31
(=) Cash Retained (M)	2,908.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	968.38	605.23	363.14
Cash Retained (M)	2,908.57	2,908.57	2,908.57
(-) Cash Required (M)	-968.38	-605.23	-363.14
(=) Excess Retained (M)	1,940.19	2,303.33	2,545.43
(/) Shares Outstanding (M)	4,848.14	4,848.14	4,848.14
(=) Excess Retained per Share	0.40	0.48	0.53
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.40	0.48	0.53
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	7.36%	7.36%	7.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.37	$108.51	$198.62
Upside / Downside	15.37%	175.90%	405.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,841.88	5,156.60	5,491.78	5,848.75	6,228.91	6,633.79	6,832.81
Payout Ratio	39.93%	49.94%	59.96%	69.97%	79.99%	90.00%	92.50%
Projected Dividends (M)	1,933.31	2,575.37	3,292.73	4,092.46	4,982.25	5,970.41	6,320.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.36%	7.36%	7.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,376.34	2,398.87	2,421.39
Year 2 PV (M)	2,803.47	2,856.86	2,910.77
Year 3 PV (M)	3,215.09	3,307.39	3,401.43
Year 4 PV (M)	3,611.64	3,750.53	3,893.39
Year 5 PV (M)	3,993.49	4,186.38	4,386.65
PV of Terminal Value (M)	97,013.99	101,699.80	106,564.95
Equity Value (M)	113,014.02	118,199.83	123,578.58
Shares Outstanding (M)	4,848.14	4,848.14	4,848.14
Fair Value	$23.31	$24.38	$25.49
Upside / Downside	-40.73%	-38.01%	-35.19%

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Shandong Gold Mining Co., Ltd. (600547.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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