DDM Analysis: 600010.SS

Valuation Snapshot

Stable Growth	$1.15 - $4.45	$3.22
Multi-Stage	$0.57 - $0.62	$0.60
Blended Fair Value	$1.91
Current Price	$2.38
Upside	-19.90%
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	36.35%	23.21%	0.03	0.00	0.00	0.00	0.04	0.01	0.01	0.04	0.04	0.03
YoY Growth	-	-	38,942.06%	19.84%	5.09%	-99.83%	460.29%	35.11%	-86.44%	2.96%	5.67%	757.83%
Dividend Yield	-	-	1.79%	0.01%	0.00%	0.00%	2.44%	0.59%	0.27%	1.69%	1.67%	1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,013.65
(-) Cash Dividends Paid (M)	909.35
(=) Cash Retained (M)	104.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	202.73	126.71	76.02
Cash Retained (M)	104.29	104.29	104.29
(-) Cash Required (M)	-202.73	-126.71	-76.02
(=) Excess Retained (M)	-98.43	-22.41	28.27
(/) Shares Outstanding (M)	45,285.85	45,285.85	45,285.85
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.15	$3.22	$4.45
Upside / Downside	-51.86%	35.10%	87.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,013.65	1,079.53	1,149.70	1,224.43	1,304.02	1,388.78	1,430.45
Payout Ratio	89.71%	89.77%	89.83%	89.88%	89.94%	90.00%	92.50%
Projected Dividends (M)	909.35	969.08	1,032.74	1,100.57	1,172.87	1,249.91	1,323.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	895.94	904.43	912.92
Year 2 PV (M)	882.72	899.53	916.50
Year 3 PV (M)	869.70	894.66	920.10
Year 4 PV (M)	856.86	889.82	923.71
Year 5 PV (M)	844.22	885.00	927.34
PV of Terminal Value (M)	21,541.79	22,582.26	23,662.56
Equity Value (M)	25,891.23	27,055.70	28,263.14
Shares Outstanding (M)	45,285.85	45,285.85	45,285.85
Fair Value	$0.57	$0.60	$0.62
Upside / Downside	-75.98%	-74.90%	-73.78%

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Sector

Inner Mongolia Baotou Steel Union Co., Ltd. (600010.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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