DDM Analysis: 000612.SZ

Valuation Snapshot

Stable Growth	$32.11 - $159.48	$67.48
Multi-Stage	$22.76 - $24.96	$23.84
Blended Fair Value	$45.66
Current Price	$8.64
Upside	428.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.18%	2.23%	0.16	0.12	0.14	0.09	0.06	0.07	0.15	0.08	0.36	0.12
YoY Growth	-	-	39.35%	-15.89%	45.06%	52.63%	-14.84%	-50.34%	89.31%	-78.51%	192.41%	-4.48%
Dividend Yield	-	-	2.12%	1.88%	2.51%	1.51%	0.75%	1.99%	2.72%	1.05%	3.77%	2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	966.64
(-) Cash Dividends Paid (M)	168.18
(=) Cash Retained (M)	798.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.33	120.83	72.50
Cash Retained (M)	798.45	798.45	798.45
(-) Cash Required (M)	-193.33	-120.83	-72.50
(=) Excess Retained (M)	605.12	677.62	725.95
(/) Shares Outstanding (M)	1,192.07	1,192.07	1,192.07
(=) Excess Retained per Share	0.51	0.57	0.61
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.51	0.57	0.61
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.31%	5.31%	6.31%
Fair Value	$32.11	$67.48	$159.48
Upside / Downside	271.65%	681.01%	1,745.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	966.64	1,017.96	1,072.01	1,128.94	1,188.88	1,252.01	1,289.57
Payout Ratio	17.40%	31.92%	46.44%	60.96%	75.48%	90.00%	92.50%
Projected Dividends (M)	168.18	324.92	497.84	688.19	897.36	1,126.81	1,192.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.31%	5.31%	6.31%
Year 1 PV (M)	302.43	305.33	308.23
Year 2 PV (M)	431.30	439.61	447.99
Year 3 PV (M)	554.94	571.05	587.48
Year 4 PV (M)	673.52	699.72	726.68
Year 5 PV (M)	787.18	825.64	865.59
PV of Terminal Value (M)	24,386.78	25,578.37	26,816.09
Equity Value (M)	27,136.15	28,419.72	29,752.06
Shares Outstanding (M)	1,192.07	1,192.07	1,192.07
Fair Value	$22.76	$23.84	$24.96
Upside / Downside	163.47%	175.93%	188.87%

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JiaoZuo WanFang Aluminum Manufacturing Co., Ltd (000612.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener