DDM Analysis: 000559.SZ

Valuation Snapshot

Stable Growth	$5.46 - $11.49	$7.73
Multi-Stage	$7.70 - $8.44	$8.07
Blended Fair Value	$7.90
Current Price	$12.66
Upside	-37.61%
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	1.94%	6.58%	0.21	0.32	0.22	0.23	0.07	0.19	0.19	0.11	0.23	0.24
YoY Growth	-	-	-34.19%	44.88%	-2.67%	210.81%	-61.83%	1.72%	76.57%	-52.96%	-5.43%	114.93%
Dividend Yield	-	-	3.03%	6.25%	4.25%	4.22%	1.58%	3.79%	2.71%	1.23%	2.29%	1.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,007.75
(-) Cash Dividends Paid (M)	752.18
(=) Cash Retained (M)	255.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	201.55	125.97	75.58
Cash Retained (M)	255.57	255.57	255.57
(-) Cash Required (M)	-201.55	-125.97	-75.58
(=) Excess Retained (M)	54.02	129.60	179.99
(/) Shares Outstanding (M)	3,313.22	3,313.22	3,313.22
(=) Excess Retained per Share	0.02	0.04	0.05
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.02	0.04	0.05
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.99%	2.99%	3.99%
Fair Value	$5.46	$7.73	$11.49
Upside / Downside	-56.88%	-38.94%	-9.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,007.75	1,037.89	1,068.95	1,100.93	1,133.86	1,167.79	1,202.82
Payout Ratio	74.64%	77.71%	80.78%	83.86%	86.93%	90.00%	92.50%
Projected Dividends (M)	752.18	806.57	863.54	923.19	985.64	1,051.01	1,112.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.99%	2.99%	3.99%
Year 1 PV (M)	749.72	757.07	764.42
Year 2 PV (M)	746.11	760.81	775.66
Year 3 PV (M)	741.44	763.46	785.91
Year 4 PV (M)	735.80	765.09	795.24
Year 5 PV (M)	729.30	765.76	803.67
PV of Terminal Value (M)	21,825.47	22,916.62	24,050.98
Equity Value (M)	25,527.85	26,728.82	27,975.89
Shares Outstanding (M)	3,313.22	3,313.22	3,313.22
Fair Value	$7.70	$8.07	$8.44
Upside / Downside	-39.14%	-36.28%	-33.30%

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Wanxiang Qianchao Co.,Ltd. (000559.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener