DDM Analysis: 600023.SS

Valuation Snapshot

Stable Growth	$9.98 - $21.18	$14.17
Multi-Stage	$10.18 - $11.16	$10.66
Blended Fair Value	$12.41
Current Price	$4.95
Upside	150.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.17%	1.87%	0.36	0.11	0.10	0.31	0.29	0.29	0.28	0.33	0.38	0.39
YoY Growth	-	-	211.70%	8.60%	-66.40%	6.46%	1.31%	3.99%	-16.67%	-12.20%	-1.22%	30.52%
Dividend Yield	-	-	6.23%	1.73%	2.93%	9.21%	7.39%	8.54%	5.60%	6.03%	6.68%	6.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,282.81
(-) Cash Dividends Paid (M)	940.31
(=) Cash Retained (M)	6,342.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,456.56	910.35	546.21
Cash Retained (M)	6,342.50	6,342.50	6,342.50
(-) Cash Required (M)	-1,456.56	-910.35	-546.21
(=) Excess Retained (M)	4,885.94	5,432.15	5,796.29
(/) Shares Outstanding (M)	13,411.86	13,411.86	13,411.86
(=) Excess Retained per Share	0.36	0.41	0.43
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.36	0.41	0.43
(=) Adjusted Dividend	0.43	0.48	0.50
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	3.26%	4.26%	5.26%
Fair Value	$9.98	$14.17	$21.18
Upside / Downside	101.57%	186.29%	327.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,282.81	7,593.04	7,916.48	8,253.71	8,605.29	8,971.86	9,241.01
Payout Ratio	12.91%	28.33%	43.75%	59.16%	74.58%	90.00%	92.50%
Projected Dividends (M)	940.31	2,151.04	3,463.21	4,883.27	6,418.02	8,074.67	8,547.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	3.26%	4.26%	5.26%
Year 1 PV (M)	1,977.07	1,996.22	2,015.37
Year 2 PV (M)	2,925.69	2,982.63	3,040.12
Year 3 PV (M)	3,791.72	3,902.95	4,016.33
Year 4 PV (M)	4,580.39	4,760.41	4,945.69
Year 5 PV (M)	5,296.65	5,558.14	5,829.85
PV of Terminal Value (M)	117,909.21	123,730.22	129,778.89
Equity Value (M)	136,480.73	142,930.57	149,626.26
Shares Outstanding (M)	13,411.86	13,411.86	13,411.86
Fair Value	$10.18	$10.66	$11.16
Upside / Downside	105.58%	115.29%	125.38%

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Zhejiang Zheneng Electric Power Co., Ltd. (600023.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener