DDM Analysis: 600506.SS

Valuation Snapshot

Stable Growth	$2.95 - $4.75	$3.76
Multi-Stage	$8.30 - $9.15	$8.72
Blended Fair Value	$6.24
Current Price	$19.39
Upside	-67.82%
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	0.00%	0.00%	0.30	0.35	0.43	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-16.06%	-17.04%	7,240.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.58%	2.53%	3.79%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53.95
(-) Cash Dividends Paid (M)	25.49
(=) Cash Retained (M)	28.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.79	6.74	4.05
Cash Retained (M)	28.46	28.46	28.46
(-) Cash Required (M)	-10.79	-6.74	-4.05
(=) Excess Retained (M)	17.67	21.71	24.41
(/) Shares Outstanding (M)	192.01	192.01	192.01
(=) Excess Retained per Share	0.09	0.11	0.13
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.09	0.11	0.13
(=) Adjusted Dividend	0.22	0.25	0.26
WACC / Discount Rate	5.47%	5.47%	5.47%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.95	$3.76	$4.75
Upside / Downside	-84.80%	-80.61%	-75.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53.95	53.41	52.88	52.35	51.83	51.31	52.85
Payout Ratio	47.25%	55.80%	64.35%	72.90%	81.45%	90.00%	92.50%
Projected Dividends (M)	25.49	29.81	34.03	38.16	42.21	46.18	48.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.47%	5.47%	5.47%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	27.97	28.26	28.54
Year 2 PV (M)	29.97	30.59	31.21
Year 3 PV (M)	31.55	32.52	33.52
Year 4 PV (M)	32.75	34.11	35.51
Year 5 PV (M)	33.62	35.37	37.20
PV of Terminal Value (M)	1,438.43	1,513.34	1,591.33
Equity Value (M)	1,594.30	1,674.19	1,757.30
Shares Outstanding (M)	192.01	192.01	192.01
Fair Value	$8.30	$8.72	$9.15
Upside / Downside	-57.18%	-55.03%	-52.80%

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Tongyi Carbon Neutral Energy (Xinjiang) Co., Ltd. Class A (600506.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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