DDM Analysis: 600905.SS

Valuation Snapshot

Stable Growth	$26.32 - $37.06	$34.73
Multi-Stage	$6.29 - $6.88	$6.58
Blended Fair Value	$20.66
Current Price	$4.25
Upside	386.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2010
DPS	5.52%	52.71%	0.23	0.22	0.17	0.15	0.09	0.18	0.05	0.06	0.04	0.00
YoY Growth	-	-	5.72%	29.11%	8.75%	72.85%	-49.01%	253.70%	-10.07%	42.17%	1,333.56%	-18.67%
Dividend Yield	-	-	5.43%	4.63%	3.07%	2.52%	2.35%	4.60%	1.30%	1.45%	1.02%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,331.07
(-) Cash Dividends Paid (M)	3,253.32
(=) Cash Retained (M)	2,077.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,066.21	666.38	399.83
Cash Retained (M)	2,077.76	2,077.76	2,077.76
(-) Cash Required (M)	-1,066.21	-666.38	-399.83
(=) Excess Retained (M)	1,011.54	1,411.37	1,677.92
(/) Shares Outstanding (M)	28,605.01	28,605.01	28,605.01
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.32	$34.73	$37.06
Upside / Downside	519.26%	717.28%	772.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,331.07	5,677.59	6,046.64	6,439.67	6,858.25	7,304.03	7,523.15
Payout Ratio	61.03%	66.82%	72.62%	78.41%	84.21%	90.00%	92.50%
Projected Dividends (M)	3,253.32	3,793.79	4,390.79	5,049.36	5,775.00	6,573.63	6,958.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,542.18	3,575.76	3,609.33
Year 2 PV (M)	3,827.69	3,900.59	3,974.19
Year 3 PV (M)	4,109.86	4,227.84	4,348.06
Year 4 PV (M)	4,388.74	4,557.52	4,731.12
Year 5 PV (M)	4,664.34	4,889.63	5,123.54
PV of Terminal Value (M)	159,401.82	167,100.98	175,094.82
Equity Value (M)	179,934.63	188,252.33	196,881.06
Shares Outstanding (M)	28,605.01	28,605.01	28,605.01
Fair Value	$6.29	$6.58	$6.88
Upside / Downside	48.01%	54.85%	61.95%

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China Three Gorges Renewables (Group) Co.,Ltd. (600905.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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