DDM Analysis: 000089.SZ

Valuation Snapshot

Stable Growth	$8.06 - $29.59	$13.48
Multi-Stage	$6.79 - $7.43	$7.10
Blended Fair Value	$10.29
Current Price	$6.95
Upside	48.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.95%	13.32%	0.17	0.07	0.11	0.00	0.08	0.08	0.10	0.08	0.05	0.05
YoY Growth	-	-	129.18%	-31.24%	3,343.47%	-96.08%	-1.52%	-15.53%	15.79%	63.17%	-3.51%	8.20%
Dividend Yield	-	-	2.57%	1.09%	1.49%	0.05%	0.90%	1.07%	0.97%	0.99%	0.58%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	584.27
(-) Cash Dividends Paid (M)	383.10
(=) Cash Retained (M)	201.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	116.85	73.03	43.82
Cash Retained (M)	201.17	201.17	201.17
(-) Cash Required (M)	-116.85	-73.03	-43.82
(=) Excess Retained (M)	84.32	128.14	157.35
(/) Shares Outstanding (M)	2,051.07	2,051.07	2,051.07
(=) Excess Retained per Share	0.04	0.06	0.08
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.04	0.06	0.08
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.17%	5.17%	6.17%
Fair Value	$8.06	$13.48	$29.59
Upside / Downside	15.97%	93.89%	325.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	584.27	614.45	646.19	679.56	714.66	751.58	774.12
Payout Ratio	65.57%	70.46%	75.34%	80.23%	85.11%	90.00%	92.50%
Projected Dividends (M)	383.10	432.91	486.85	545.20	608.28	676.42	716.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.17%	5.17%	6.17%
Year 1 PV (M)	400.33	404.17	408.02
Year 2 PV (M)	416.32	424.35	432.46
Year 3 PV (M)	431.13	443.67	456.45
Year 4 PV (M)	444.81	462.14	479.97
Year 5 PV (M)	457.42	479.80	503.05
PV of Terminal Value (M)	11,780.62	12,357.06	12,955.85
Equity Value (M)	13,930.64	14,571.20	15,235.79
Shares Outstanding (M)	2,051.07	2,051.07	2,051.07
Fair Value	$6.79	$7.10	$7.43
Upside / Downside	-2.28%	2.22%	6.88%

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Shenzhen Airport Co., Ltd. (000089.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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