DDM Analysis: 600490.SS

Valuation Snapshot

Stable Growth	$0.23 - $0.30	$0.27
Multi-Stage	$0.41 - $0.46	$0.44
Blended Fair Value	$0.35
Current Price	$6.69
Upside	-94.72%
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	-29.48%	-3.51%	0.01	0.01	0.01	0.08	0.03	0.07	0.06	0.03	0.01	0.01
YoY Growth	-	-	27.64%	-9.25%	-85.89%	173.31%	-60.95%	20.35%	101.80%	135.09%	0.36%	-29.99%
Dividend Yield	-	-	0.33%	0.34%	0.32%	1.74%	0.74%	2.01%	0.96%	0.32%	0.16%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	254.32
(-) Cash Dividends Paid (M)	10.26
(=) Cash Retained (M)	244.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.86	31.79	19.07
Cash Retained (M)	244.06	244.06	244.06
(-) Cash Required (M)	-50.86	-31.79	-19.07
(=) Excess Retained (M)	193.20	212.27	224.99
(/) Shares Outstanding (M)	2,212.95	2,212.95	2,212.95
(=) Excess Retained per Share	0.09	0.10	0.10
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.09	0.10	0.10
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-21.07%	-20.07%	-19.07%
Fair Value	$0.23	$0.27	$0.30
Upside / Downside	-96.49%	-95.98%	-95.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	254.32	203.27	162.46	129.85	103.79	82.95	85.44
Payout Ratio	4.03%	21.23%	38.42%	55.61%	72.81%	90.00%	92.50%
Projected Dividends (M)	10.26	43.15	62.42	72.21	75.56	74.66	79.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-21.07%	-20.07%	-19.07%
Year 1 PV (M)	38.79	39.28	39.78
Year 2 PV (M)	50.46	51.74	53.05
Year 3 PV (M)	52.49	54.51	56.58
Year 4 PV (M)	49.38	51.93	54.58
Year 5 PV (M)	43.86	46.71	49.71
PV of Terminal Value (M)	679.71	723.87	770.30
Equity Value (M)	914.68	968.05	1,023.99
Shares Outstanding (M)	2,212.95	2,212.95	2,212.95
Fair Value	$0.41	$0.44	$0.46
Upside / Downside	-93.82%	-93.46%	-93.08%

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Pengxin International Mining Co.,Ltd (600490.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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