DDM Analysis: 002911.SZ

Valuation Snapshot

Stable Growth	$62.92 - $122.33	$114.64
Multi-Stage	$19.67 - $21.49	$20.56
Blended Fair Value	$67.60
Current Price	$13.45
Upside	402.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.31%	12.87%	0.57	0.47	0.45	0.37	0.23	0.20	0.15	0.25	0.18	0.17
YoY Growth	-	-	22.08%	4.38%	19.48%	59.11%	17.70%	30.27%	-38.34%	41.09%	1.60%	2.25%
Dividend Yield	-	-	5.03%	4.44%	4.46%	5.05%	2.68%	3.33%	1.89%	2.11%	1.94%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	881.16
(-) Cash Dividends Paid (M)	800.50
(=) Cash Retained (M)	80.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	176.23	110.14	66.09
Cash Retained (M)	80.66	80.66	80.66
(-) Cash Required (M)	-176.23	-110.14	-66.09
(=) Excess Retained (M)	-95.58	-29.49	14.57
(/) Shares Outstanding (M)	1,432.48	1,432.48	1,432.48
(=) Excess Retained per Share	-0.07	-0.02	0.01
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	-0.07	-0.02	0.01
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.92	$114.64	$122.33
Upside / Downside	367.83%	752.37%	809.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	881.16	938.43	999.43	1,064.39	1,133.58	1,207.26	1,243.48
Payout Ratio	90.85%	90.68%	90.51%	90.34%	90.17%	90.00%	92.50%
Projected Dividends (M)	800.50	850.95	904.56	961.56	1,022.14	1,086.54	1,150.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	792.81	800.32	807.84
Year 2 PV (M)	785.19	800.14	815.24
Year 3 PV (M)	777.64	799.96	822.71
Year 4 PV (M)	770.16	799.78	830.24
Year 5 PV (M)	762.75	799.59	837.84
PV of Terminal Value (M)	24,283.69	25,456.60	26,674.40
Equity Value (M)	28,172.23	29,456.39	30,788.27
Shares Outstanding (M)	1,432.48	1,432.48	1,432.48
Fair Value	$19.67	$20.56	$21.49
Upside / Downside	46.22%	52.89%	59.80%

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NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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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%
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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%
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Financial Statements

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Sector

Foran Energy Group Co.,Ltd. (002911.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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