DDM Analysis: 600968.SS

Valuation Snapshot

Stable Growth	$13.66 - $74.73	$26.50
Multi-Stage	$7.86 - $8.60	$8.22
Blended Fair Value	$17.36
Current Price	$3.84
Upside	352.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.80%	21.03%	0.12	0.09	0.06	0.05	0.05	0.05	0.03	0.13	0.18	0.49
YoY Growth	-	-	28.28%	58.46%	26.49%	-0.02%	-11.77%	91.57%	-79.36%	-29.25%	-62.92%	2,767.61%
Dividend Yield	-	-	2.89%	2.59%	1.73%	1.72%	1.70%	2.25%	0.91%	4.40%	6.23%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,820.33
(-) Cash Dividends Paid (M)	1,415.18
(=) Cash Retained (M)	2,405.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	764.07	477.54	286.52
Cash Retained (M)	2,405.14	2,405.14	2,405.14
(-) Cash Required (M)	-764.07	-477.54	-286.52
(=) Excess Retained (M)	1,641.08	1,927.60	2,118.62
(/) Shares Outstanding (M)	10,166.55	10,166.55	10,166.55
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.66	$26.50	$74.73
Upside / Downside	255.76%	590.03%	1,846.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,820.33	4,068.65	4,333.11	4,614.76	4,914.72	5,234.18	5,391.21
Payout Ratio	37.04%	47.63%	58.23%	68.82%	79.41%	90.00%	92.50%
Projected Dividends (M)	1,415.18	1,938.09	2,523.00	3,175.76	3,902.72	4,710.76	4,986.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,780.62	1,797.50	1,814.38
Year 2 PV (M)	2,129.67	2,170.23	2,211.18
Year 3 PV (M)	2,462.86	2,533.56	2,605.60
Year 4 PV (M)	2,780.71	2,887.65	2,997.64
Year 5 PV (M)	3,083.74	3,232.68	3,387.33
PV of Terminal Value (M)	67,705.83	70,976.05	74,371.43
Equity Value (M)	79,943.43	83,597.67	87,387.55
Shares Outstanding (M)	10,166.55	10,166.55	10,166.55
Fair Value	$7.86	$8.22	$8.60
Upside / Downside	104.78%	114.14%	123.84%

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CNOOC Energy Technology & Services Limited (600968.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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