DDM Analysis: 000426.SZ

Valuation Snapshot

Stable Growth	$19.26 - $46.34	$28.55
Multi-Stage	$13.45 - $14.69	$14.06
Blended Fair Value	$21.30
Current Price	$32.89
Upside	-35.23%
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	7.96%	34.82%	0.13	0.02	0.08	0.08	0.09	0.09	0.02	0.02	0.15	0.34
YoY Growth	-	-	658.22%	-77.70%	-4.68%	-9.78%	0.86%	334.26%	-0.49%	-85.82%	-56.45%	4,969.23%
Dividend Yield	-	-	0.98%	0.16%	0.97%	1.09%	1.38%	1.72%	0.32%	0.21%	1.78%	4.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,594.09
(-) Cash Dividends Paid (M)	260.53
(=) Cash Retained (M)	1,333.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	318.82	199.26	119.56
Cash Retained (M)	1,333.56	1,333.56	1,333.56
(-) Cash Required (M)	-318.82	-199.26	-119.56
(=) Excess Retained (M)	1,014.74	1,134.30	1,214.00
(/) Shares Outstanding (M)	1,782.80	1,782.80	1,782.80
(=) Excess Retained per Share	0.57	0.64	0.68
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.57	0.64	0.68
(=) Adjusted Dividend	0.72	0.78	0.83
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.26	$28.55	$46.34
Upside / Downside	-41.45%	-13.20%	40.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,594.09	1,697.71	1,808.06	1,925.58	2,050.75	2,184.04	2,249.57
Payout Ratio	16.34%	31.07%	45.81%	60.54%	75.27%	90.00%	92.50%
Projected Dividends (M)	260.53	527.56	828.20	1,165.70	1,543.57	1,965.64	2,080.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	477.62	482.15	486.67
Year 2 PV (M)	678.83	691.76	704.81
Year 3 PV (M)	865.01	889.84	915.14
Year 4 PV (M)	1,036.98	1,076.86	1,117.88
Year 5 PV (M)	1,195.53	1,253.28	1,313.23
PV of Terminal Value (M)	19,717.46	20,669.82	21,658.63
Equity Value (M)	23,971.43	25,063.70	26,196.37
Shares Outstanding (M)	1,782.80	1,782.80	1,782.80
Fair Value	$13.45	$14.06	$14.69
Upside / Downside	-59.12%	-57.26%	-55.32%

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Inner Mongolia Xingye Mining Co., Ltd. (000426.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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