DDM Analysis: 000823.SZ

Valuation Snapshot

Stable Growth	$7.66 - $15.34	$10.65
Multi-Stage	$11.72 - $12.86	$12.28
Blended Fair Value	$11.46
Current Price	$13.88
Upside	-17.40%
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	5.34%	0.67%	0.18	0.19	0.16	0.16	0.13	0.14	0.12	0.14	0.06	0.17
YoY Growth	-	-	-5.27%	19.96%	-2.07%	21.12%	-3.78%	10.79%	-9.69%	111.68%	-61.01%	-0.22%
Dividend Yield	-	-	1.68%	2.16%	1.38%	1.44%	1.34%	1.21%	1.16%	1.40%	0.44%	1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	246.61
(-) Cash Dividends Paid (M)	134.34
(=) Cash Retained (M)	112.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.32	30.83	18.50
Cash Retained (M)	112.27	112.27	112.27
(-) Cash Required (M)	-49.32	-30.83	-18.50
(=) Excess Retained (M)	62.95	81.44	93.77
(/) Shares Outstanding (M)	536.96	536.96	536.96
(=) Excess Retained per Share	0.12	0.15	0.17
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.12	0.15	0.17
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	1.52%	2.52%	3.52%
Fair Value	$7.66	$10.65	$15.34
Upside / Downside	-44.79%	-23.25%	10.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	246.61	252.83	259.20	265.74	272.44	279.31	287.69
Payout Ratio	54.48%	61.58%	68.69%	75.79%	82.90%	90.00%	92.50%
Projected Dividends (M)	134.34	155.69	178.04	201.40	225.84	251.38	266.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	1.52%	2.52%	3.52%
Year 1 PV (M)	144.92	146.34	147.77
Year 2 PV (M)	154.24	157.29	160.38
Year 3 PV (M)	162.41	167.25	172.20
Year 4 PV (M)	169.50	176.28	183.26
Year 5 PV (M)	175.61	184.43	193.61
PV of Terminal Value (M)	5,485.18	5,760.70	6,047.19
Equity Value (M)	6,291.86	6,592.31	6,904.40
Shares Outstanding (M)	536.96	536.96	536.96
Fair Value	$11.72	$12.28	$12.86
Upside / Downside	-15.58%	-11.55%	-7.36%

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Guangdong Goworld Co., Ltd. (000823.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener