DDM Analysis: 002075.SZ

Valuation Snapshot

Stable Growth	$2.14 - $4.25	$2.97
Multi-Stage	$3.32 - $3.65	$3.48
Blended Fair Value	$3.23
Current Price	$5.62
Upside	-42.62%
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	24.19%	7.11%	0.09	0.05	0.08	0.10	0.10	0.03	0.03	0.00	0.00	0.01
YoY Growth	-	-	78.19%	-37.50%	-20.00%	-0.59%	233.52%	-0.04%	3,149.18%	-73.71%	-73.65%	-70.11%
Dividend Yield	-	-	1.54%	1.10%	1.91%	1.75%	1.11%	0.33%	0.29%	0.01%	0.02%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	288.30
(-) Cash Dividends Paid (M)	121.92
(=) Cash Retained (M)	166.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.66	36.04	21.62
Cash Retained (M)	166.38	166.38	166.38
(-) Cash Required (M)	-57.66	-36.04	-21.62
(=) Excess Retained (M)	108.72	130.34	144.75
(/) Shares Outstanding (M)	2,209.77	2,209.77	2,209.77
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.41%	2.41%	3.41%
Fair Value	$2.14	$2.97	$4.25
Upside / Downside	-61.87%	-47.19%	-24.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	288.30	295.25	302.37	309.66	317.13	324.78	334.52
Payout Ratio	42.29%	51.83%	61.37%	70.92%	80.46%	90.00%	92.50%
Projected Dividends (M)	121.92	153.04	185.58	219.60	255.16	292.30	309.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.41%	2.41%	3.41%
Year 1 PV (M)	142.49	143.90	145.30
Year 2 PV (M)	160.89	164.08	167.30
Year 3 PV (M)	177.27	182.57	187.97
Year 4 PV (M)	191.78	199.46	207.36
Year 5 PV (M)	204.56	214.85	225.55
PV of Terminal Value (M)	6,464.21	6,789.27	7,127.28
Equity Value (M)	7,341.21	7,694.13	8,060.76
Shares Outstanding (M)	2,209.77	2,209.77	2,209.77
Fair Value	$3.32	$3.48	$3.65
Upside / Downside	-40.89%	-38.04%	-35.09%

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Jiangsu Shagang Co., Ltd. (002075.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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