DDM Analysis: 000786.SZ

Valuation Snapshot

Stable Growth	$30.82 - $60.46	$42.52
Multi-Stage	$24.22 - $26.38	$25.28
Blended Fair Value	$33.90
Current Price	$23.66
Upside	43.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.77%	19.60%	0.88	0.66	0.66	0.55	0.08	0.46	0.36	0.18	0.15	0.18
YoY Growth	-	-	33.87%	-0.01%	18.89%	567.13%	-82.05%	29.58%	97.22%	22.90%	-17.65%	21.49%
Dividend Yield	-	-	3.01%	2.23%	2.44%	1.82%	0.19%	1.95%	1.69%	0.71%	1.18%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,088.16
(-) Cash Dividends Paid (M)	1,524.09
(=) Cash Retained (M)	1,564.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	617.63	386.02	231.61
Cash Retained (M)	1,564.07	1,564.07	1,564.07
(-) Cash Required (M)	-617.63	-386.02	-231.61
(=) Excess Retained (M)	946.44	1,178.05	1,332.46
(/) Shares Outstanding (M)	1,689.30	1,689.30	1,689.30
(=) Excess Retained per Share	0.56	0.70	0.79
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	0.56	0.70	0.79
(=) Adjusted Dividend	1.46	1.60	1.69
WACC / Discount Rate	10.51%	10.51%	10.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.82	$42.52	$60.46
Upside / Downside	30.24%	79.70%	155.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,088.16	3,288.89	3,502.67	3,730.34	3,972.82	4,231.05	4,357.98
Payout Ratio	49.35%	57.48%	65.61%	73.74%	81.87%	90.00%	92.50%
Projected Dividends (M)	1,524.09	1,890.53	2,298.16	2,750.80	3,252.57	3,807.95	4,031.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.51%	10.51%	10.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,694.71	1,710.78	1,726.84
Year 2 PV (M)	1,846.75	1,881.92	1,917.43
Year 3 PV (M)	1,981.53	2,038.41	2,096.37
Year 4 PV (M)	2,100.30	2,181.07	2,264.15
Year 5 PV (M)	2,204.25	2,310.71	2,421.25
PV of Terminal Value (M)	31,084.37	32,585.75	34,144.60
Equity Value (M)	40,911.90	42,708.65	44,570.65
Shares Outstanding (M)	1,689.30	1,689.30	1,689.30
Fair Value	$24.22	$25.28	$26.38
Upside / Downside	2.36%	6.85%	11.51%

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Financial Statements

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Beijing New Building Materials Public Limited Company (000786.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener