DDM Analysis: 000651.SZ

Valuation Snapshot

Stable Growth	$66.56 - $109.98	$85.81
Multi-Stage	$89.57 - $98.27	$93.84
Blended Fair Value	$89.82
Current Price	$39.72
Upside	126.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.79%	12.44%	2.73	2.48	3.34	3.03	2.50	2.38	0.16	2.01	1.66	1.73
YoY Growth	-	-	10.20%	-25.62%	9.95%	21.18%	5.05%	1,425.00%	-92.24%	21.15%	-3.62%	103.70%
Dividend Yield	-	-	6.02%	6.19%	9.08%	9.40%	3.99%	4.57%	0.33%	4.30%	5.25%	8.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31,685.01
(-) Cash Dividends Paid (M)	6,732.84
(=) Cash Retained (M)	24,952.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,337.00	3,960.63	2,376.38
Cash Retained (M)	24,952.17	24,952.17	24,952.17
(-) Cash Required (M)	-6,337.00	-3,960.63	-2,376.38
(=) Excess Retained (M)	18,615.17	20,991.55	22,575.80
(/) Shares Outstanding (M)	5,520.36	5,520.36	5,520.36
(=) Excess Retained per Share	3.37	3.80	4.09
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	3.37	3.80	4.09
(=) Adjusted Dividend	4.59	5.02	5.31
WACC / Discount Rate	8.21%	8.21%	8.21%
Growth Rate	1.22%	2.22%	3.22%
Fair Value	$66.56	$85.81	$109.98
Upside / Downside	67.57%	116.03%	176.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31,685.01	32,389.20	33,109.03	33,844.86	34,597.05	35,365.96	36,426.93
Payout Ratio	21.25%	35.00%	48.75%	62.50%	76.25%	90.00%	92.50%
Projected Dividends (M)	6,732.84	11,336.03	16,140.51	21,152.94	26,380.20	31,829.36	33,694.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.21%	8.21%	8.21%
Growth Rate	1.22%	2.22%	3.22%
Year 1 PV (M)	10,373.91	10,476.40	10,578.88
Year 2 PV (M)	13,517.00	13,785.39	14,056.43
Year 3 PV (M)	16,211.21	16,696.43	17,191.24
Year 4 PV (M)	18,501.38	19,243.41	20,007.53
Year 5 PV (M)	20,428.45	21,457.68	22,527.97
PV of Terminal Value (M)	415,446.97	436,377.95	458,144.19
Equity Value (M)	494,478.92	518,037.25	542,506.24
Shares Outstanding (M)	5,520.36	5,520.36	5,520.36
Fair Value	$89.57	$93.84	$98.27
Upside / Downside	125.51%	136.26%	147.42%

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Gree Electric Appliances, Inc. of Zhuhai (000651.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener