DDM Analysis: 002237.SZ

Valuation Snapshot

Stable Growth	$7.86 - $15.19	$10.79
Multi-Stage	$11.01 - $12.07	$11.53
Blended Fair Value	$11.16
Current Price	$14.97
Upside	-25.46%
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	3.82%	1.61%	0.35	0.21	0.29	0.33	0.26	0.29	0.37	0.30	0.20	0.29
YoY Growth	-	-	65.52%	-28.25%	-12.78%	26.44%	-7.91%	-22.44%	25.08%	44.99%	-30.77%	-0.08%
Dividend Yield	-	-	3.05%	1.79%	2.48%	3.11%	2.25%	2.25%	3.73%	2.84%	1.81%	2.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	633.76
(-) Cash Dividends Paid (M)	389.56
(=) Cash Retained (M)	244.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.75	79.22	47.53
Cash Retained (M)	244.20	244.20	244.20
(-) Cash Required (M)	-126.75	-79.22	-47.53
(=) Excess Retained (M)	117.45	164.98	196.67
(/) Shares Outstanding (M)	1,278.86	1,278.86	1,278.86
(=) Excess Retained per Share	0.09	0.13	0.15
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.09	0.13	0.15
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	1.82%	2.82%	3.82%
Fair Value	$7.86	$10.79	$15.19
Upside / Downside	-47.48%	-27.96%	1.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	633.76	651.62	669.99	688.87	708.29	728.25	750.10
Payout Ratio	61.47%	67.17%	72.88%	78.59%	84.29%	90.00%	92.50%
Projected Dividends (M)	389.56	437.73	488.30	541.37	597.04	655.43	693.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	1.82%	2.82%	3.82%
Year 1 PV (M)	405.29	409.27	413.25
Year 2 PV (M)	418.61	426.88	435.22
Year 3 PV (M)	429.72	442.51	455.54
Year 4 PV (M)	438.80	456.29	474.31
Year 5 PV (M)	446.02	468.35	491.58
PV of Terminal Value (M)	11,946.21	12,544.49	13,166.50
Equity Value (M)	14,084.65	14,747.79	15,436.40
Shares Outstanding (M)	1,278.86	1,278.86	1,278.86
Fair Value	$11.01	$11.53	$12.07
Upside / Downside	-26.43%	-22.97%	-19.37%

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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Shandong Humon Smelting Co., Ltd. (002237.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener