DDM Analysis: 002015.SZ

Valuation Snapshot

Stable Growth	$4.57 - $7.49	$5.87
Multi-Stage	$8.24 - $9.05	$8.64
Blended Fair Value	$7.25
Current Price	$11.86
Upside	-38.85%
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	5.01%	33.97%	0.43	0.19	0.20	0.13	0.45	0.34	0.32	0.00	0.00	0.00
YoY Growth	-	-	121.42%	-5.51%	60.04%	-71.53%	33.95%	4.54%	0.00%	0.00%	-100.00%	-90.91%
Dividend Yield	-	-	5.66%	1.82%	1.79%	0.74%	4.86%	5.55%	5.18%	0.00%	0.00%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	645.24
(-) Cash Dividends Paid (M)	239.92
(=) Cash Retained (M)	405.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.05	80.65	48.39
Cash Retained (M)	405.32	405.32	405.32
(-) Cash Required (M)	-129.05	-80.65	-48.39
(=) Excess Retained (M)	276.27	324.66	356.92
(/) Shares Outstanding (M)	1,585.47	1,585.47	1,585.47
(=) Excess Retained per Share	0.17	0.20	0.23
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.17	0.20	0.23
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.86%	6.86%	6.86%
Growth Rate	-0.25%	0.75%	1.75%
Fair Value	$4.57	$5.87	$7.49
Upside / Downside	-61.51%	-50.52%	-36.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	645.24	650.06	654.92	659.82	664.76	669.73	689.82
Payout Ratio	37.18%	47.75%	58.31%	68.87%	79.44%	90.00%	92.50%
Projected Dividends (M)	239.92	310.38	381.89	454.44	528.06	602.75	638.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.86%	6.86%	6.86%
Growth Rate	-0.25%	0.75%	1.75%
Year 1 PV (M)	287.57	290.46	293.34
Year 2 PV (M)	327.82	334.42	341.09
Year 3 PV (M)	361.43	372.41	383.61
Year 4 PV (M)	389.11	404.95	421.27
Year 5 PV (M)	411.51	432.55	454.45
PV of Terminal Value (M)	11,282.00	11,858.98	12,459.33
Equity Value (M)	13,059.43	13,693.76	14,353.08
Shares Outstanding (M)	1,585.47	1,585.47	1,585.47
Fair Value	$8.24	$8.64	$9.05
Upside / Downside	-30.55%	-27.18%	-23.67%

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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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Financial Statements

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Ticker

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Sector

GCL Energy Technology Co.,Ltd. (002015.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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