DDM Analysis: 002534.SZ

Valuation Snapshot

Stable Growth	$6.05 - $17.37	$9.48
Multi-Stage	$6.71 - $7.34	$7.02
Blended Fair Value	$8.25
Current Price	$16.95
Upside	-51.35%
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	-4.83%	5.15%	0.15	0.17	0.25	0.41	0.39	0.20	0.19	0.14	0.07	0.10
YoY Growth	-	-	-10.05%	-32.97%	-38.45%	6.64%	97.30%	2.95%	39.44%	105.30%	-33.72%	8.30%
Dividend Yield	-	-	1.20%	1.59%	1.74%	2.06%	2.42%	2.62%	2.71%	1.54%	0.65%	1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	192.89
(-) Cash Dividends Paid (M)	168.40
(=) Cash Retained (M)	24.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.58	24.11	14.47
Cash Retained (M)	24.49	24.49	24.49
(-) Cash Required (M)	-38.58	-24.11	-14.47
(=) Excess Retained (M)	-14.09	0.38	10.02
(/) Shares Outstanding (M)	774.85	774.85	774.85
(=) Excess Retained per Share	-0.02	0.00	0.01
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	-0.02	0.00	0.01
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.15%	4.15%	5.15%
Fair Value	$6.05	$9.48	$17.37
Upside / Downside	-64.29%	-44.09%	2.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	192.89	200.89	209.21	217.89	226.92	236.32	243.41
Payout Ratio	87.30%	87.84%	88.38%	88.92%	89.46%	90.00%	92.50%
Projected Dividends (M)	168.40	176.47	184.91	193.75	203.00	212.69	225.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.15%	4.15%	5.15%
Year 1 PV (M)	164.05	165.64	167.23
Year 2 PV (M)	159.79	162.91	166.05
Year 3 PV (M)	155.65	160.22	164.88
Year 4 PV (M)	151.60	157.57	163.71
Year 5 PV (M)	147.66	154.96	162.54
PV of Terminal Value (M)	4,416.75	4,635.05	4,861.89
Equity Value (M)	5,195.50	5,436.33	5,686.29
Shares Outstanding (M)	774.85	774.85	774.85
Fair Value	$6.71	$7.02	$7.34
Upside / Downside	-60.44%	-58.61%	-56.70%

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Xizi Clean Energy Equipment Manufacturing Co.,ltd. (002534.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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