DDM Analysis: 600600.SS

Valuation Snapshot

Stable Growth	$46.52 - $98.73	$66.06
Multi-Stage	$34.68 - $37.84	$36.23
Blended Fair Value	$51.15
Current Price	$65.92
Upside	-22.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.11%	15.88%	1.47	1.33	0.81	0.56	0.40	0.35	0.32	0.26	0.29	0.33
YoY Growth	-	-	10.68%	63.97%	44.84%	40.10%	13.49%	11.11%	23.65%	-11.67%	-13.04%	-0.99%
Dividend Yield	-	-	1.93%	1.60%	0.67%	0.71%	0.47%	0.77%	0.69%	0.63%	0.88%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,629.45
(-) Cash Dividends Paid (M)	1,557.67
(=) Cash Retained (M)	3,071.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	925.89	578.68	347.21
Cash Retained (M)	3,071.78	3,071.78	3,071.78
(-) Cash Required (M)	-925.89	-578.68	-347.21
(=) Excess Retained (M)	2,145.89	2,493.10	2,724.57
(/) Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
(=) Excess Retained per Share	1.15	1.33	1.46
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	1.15	1.33	1.46
(=) Adjusted Dividend	1.98	2.17	2.29
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.52	$66.06	$98.73
Upside / Downside	-29.42%	0.22%	49.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,629.45	4,930.36	5,250.83	5,592.14	5,955.63	6,342.74	6,533.03
Payout Ratio	33.65%	44.92%	56.19%	67.46%	78.73%	90.00%	92.50%
Projected Dividends (M)	1,557.67	2,214.60	2,950.35	3,772.39	4,688.83	5,708.47	6,043.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,994.44	2,013.34	2,032.25
Year 2 PV (M)	2,392.90	2,438.48	2,484.49
Year 3 PV (M)	2,755.46	2,834.55	2,915.15
Year 4 PV (M)	3,084.37	3,202.99	3,325.00
Year 5 PV (M)	3,381.80	3,545.14	3,714.74
PV of Terminal Value (M)	51,171.65	53,643.26	56,209.46
Equity Value (M)	64,780.61	67,677.76	70,681.08
Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
Fair Value	$34.68	$36.23	$37.84
Upside / Downside	-47.39%	-45.04%	-42.60%

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6527.TWO	Crystalvue Medical Corporation	2.96%	$2.24	40.94%
9201.T	Japan Airlines Co., Ltd.	2.96%	$85.89	30.05%
9633.HK	Nongfu Spring Co., Ltd.	2.96%	$1.43	61.73%
9931.TW	Hsin Kao Gas Co.,Ltd.	2.96%	$1.01	40.68%
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035890.KQ	Seohee Construction Co., Ltd.	2.95%	$47.87	7.53%
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Tsingtao Brewery Company Limited (600600.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener