DDM Analysis: 002159.SZ

Valuation Snapshot

Stable Growth	$5.06 - $7.30	$6.15
Multi-Stage	$7.47 - $8.22	$7.84
Blended Fair Value	$7.00
Current Price	$15.13
Upside	-53.76%
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	-15.02%	-3.87%	0.24	0.08	0.19	0.27	0.45	0.53	0.44	0.52	0.36	0.32
YoY Growth	-	-	179.65%	-54.63%	-32.04%	-38.65%	-16.24%	20.93%	-16.00%	44.47%	13.03%	-8.26%
Dividend Yield	-	-	1.59%	0.53%	1.17%	2.51%	3.69%	5.19%	1.90%	2.87%	1.26%	1.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.77
(-) Cash Dividends Paid (M)	1.08
(=) Cash Retained (M)	123.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.95	15.60	9.36
Cash Retained (M)	123.69	123.69	123.69
(-) Cash Required (M)	-24.95	-15.60	-9.36
(=) Excess Retained (M)	98.74	108.09	114.33
(/) Shares Outstanding (M)	177.37	177.37	177.37
(=) Excess Retained per Share	0.56	0.61	0.64
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.56	0.61	0.64
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-1.54%	-0.54%	0.46%
Fair Value	$5.06	$6.15	$7.30
Upside / Downside	-66.57%	-59.35%	-51.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.77	124.10	123.43	122.77	122.11	121.46	125.10
Payout Ratio	0.86%	18.69%	36.52%	54.35%	72.17%	90.00%	92.50%
Projected Dividends (M)	1.08	23.20	45.08	66.72	88.13	109.31	115.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-1.54%	-0.54%	0.46%
Year 1 PV (M)	20.99	21.20	21.41
Year 2 PV (M)	36.90	37.65	38.41
Year 3 PV (M)	49.41	50.93	52.49
Year 4 PV (M)	59.05	61.49	64.00
Year 5 PV (M)	66.27	69.70	73.28
PV of Terminal Value (M)	1,093.10	1,149.75	1,208.72
Equity Value (M)	1,325.72	1,390.72	1,458.31
Shares Outstanding (M)	177.37	177.37	177.37
Fair Value	$7.47	$7.84	$8.22
Upside / Downside	-50.60%	-48.18%	-45.66%

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Wuhan Sante Cableway Group Co., Ltd. (002159.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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