DDM Analysis: 000037.SZ

Valuation Snapshot

Stable Growth	$0.19 - $0.24	$0.22
Multi-Stage	$0.69 - $0.77	$0.73
Blended Fair Value	$0.47
Current Price	$8.50
Upside	-94.42%
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	-29.73%	-27.96%	0.01	0.02	0.02	0.04	0.07	0.08	0.08	0.09	0.32	0.35
YoY Growth	-	-	-26.50%	-25.67%	-42.06%	-34.92%	-16.85%	-1.30%	-11.59%	-71.30%	-9.78%	-2.71%
Dividend Yield	-	-	0.17%	0.21%	0.32%	0.65%	0.61%	0.71%	0.56%	1.28%	2.61%	3.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.59
(-) Cash Dividends Paid (M)	26.99
(=) Cash Retained (M)	20.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.52	5.95	3.57
Cash Retained (M)	20.61	20.61	20.61
(-) Cash Required (M)	-9.52	-5.95	-3.57
(=) Excess Retained (M)	11.09	14.66	17.04
(/) Shares Outstanding (M)	602.98	602.98	602.98
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-20.38%	-19.38%	-18.38%
Fair Value	$0.19	$0.22	$0.24
Upside / Downside	-97.77%	-97.44%	-97.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.59	38.37	30.94	24.94	20.11	16.21	16.70
Payout Ratio	56.70%	63.36%	70.02%	76.68%	83.34%	90.00%	92.50%
Projected Dividends (M)	26.99	24.31	21.66	19.13	16.76	14.59	15.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-20.38%	-19.38%	-18.38%
Year 1 PV (M)	22.61	22.90	23.18
Year 2 PV (M)	18.74	19.21	19.69
Year 3 PV (M)	15.39	15.97	16.58
Year 4 PV (M)	12.54	13.18	13.85
Year 5 PV (M)	10.15	10.81	11.50
PV of Terminal Value (M)	337.19	358.90	381.72
Equity Value (M)	416.62	440.98	466.51
Shares Outstanding (M)	602.98	602.98	602.98
Fair Value	$0.69	$0.73	$0.77
Upside / Downside	-91.87%	-91.40%	-90.90%

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Shenzhen Nanshan Power Co., Ltd. (000037.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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