DDM Analysis: 000421.SZ

Valuation Snapshot

Stable Growth	$51.70 - $60.91	$57.08
Multi-Stage	$44.24 - $48.53	$46.35
Blended Fair Value	$51.72
Current Price	$6.26
Upside	726.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.06%	25.73%	0.30	0.32	0.40	0.34	0.24	0.20	0.23	0.32	0.40	0.16
YoY Growth	-	-	-4.42%	-21.41%	19.84%	39.89%	16.99%	-10.35%	-29.04%	-20.06%	154.22%	418.29%
Dividend Yield	-	-	5.16%	6.01%	8.03%	6.65%	3.72%	5.01%	4.16%	5.98%	4.79%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	176.24
(-) Cash Dividends Paid (M)	161.60
(=) Cash Retained (M)	14.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.25	22.03	13.22
Cash Retained (M)	14.64	14.64	14.64
(-) Cash Required (M)	-35.25	-22.03	-13.22
(=) Excess Retained (M)	-20.61	-7.39	1.42
(/) Shares Outstanding (M)	575.42	575.42	575.42
(=) Excess Retained per Share	-0.04	-0.01	0.00
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	-0.04	-0.01	0.00
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	-2.14%	-2.14%	-2.14%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$51.70	$57.08	$60.91
Upside / Downside	725.87%	811.86%	873.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	176.24	187.69	199.89	212.89	226.73	241.46	248.71
Payout Ratio	91.69%	91.35%	91.02%	90.68%	90.34%	90.00%	92.50%
Projected Dividends (M)	161.60	171.47	181.94	193.04	204.82	217.32	230.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.14%	-2.14%	-2.14%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	173.57	175.22	176.86
Year 2 PV (M)	186.43	189.98	193.56
Year 3 PV (M)	200.24	205.98	211.84
Year 4 PV (M)	215.06	223.33	231.84
Year 5 PV (M)	230.98	242.14	253.72
PV of Terminal Value (M)	24,452.29	25,633.34	26,859.60
Equity Value (M)	25,458.57	26,670.00	27,927.43
Shares Outstanding (M)	575.42	575.42	575.42
Fair Value	$44.24	$46.35	$48.53
Upside / Downside	606.76%	640.39%	675.30%

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Financial Statements

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Nanjing Public Utilities Development Co., Ltd. (000421.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener