DDM Analysis: 600635.SS

Valuation Snapshot

Stable Growth	$2.09 - $3.38	$2.67
Multi-Stage	$4.99 - $5.50	$5.24
Blended Fair Value	$3.96
Current Price	$5.87
Upside	-32.56%
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	-10.00%	0.49%	0.12	0.13	0.15	0.16	0.17	0.20	0.16	0.14	0.11	0.08
YoY Growth	-	-	-8.57%	-15.32%	-4.06%	-6.95%	-14.58%	23.81%	18.61%	26.62%	38.59%	-31.00%
Dividend Yield	-	-	3.17%	4.47%	5.11%	4.57%	4.30%	5.01%	2.14%	2.79%	1.70%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	582.58
(-) Cash Dividends Paid (M)	154.97
(=) Cash Retained (M)	427.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	116.52	72.82	43.69
Cash Retained (M)	427.61	427.61	427.61
(-) Cash Required (M)	-116.52	-72.82	-43.69
(=) Excess Retained (M)	311.09	354.79	383.91
(/) Shares Outstanding (M)	2,953.53	2,953.53	2,953.53
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-1.51%	-0.51%	0.49%
Fair Value	$2.09	$2.67	$3.38
Upside / Downside	-64.33%	-54.45%	-42.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	582.58	579.59	576.62	573.67	570.73	567.80	584.84
Payout Ratio	26.60%	39.28%	51.96%	64.64%	77.32%	90.00%	92.50%
Projected Dividends (M)	154.97	227.67	299.62	370.82	441.29	511.02	540.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-1.51%	-0.51%	0.49%
Year 1 PV (M)	212.81	214.97	217.13
Year 2 PV (M)	261.77	267.12	272.51
Year 3 PV (M)	302.83	312.15	321.66
Year 4 PV (M)	336.85	350.75	365.06
Year 5 PV (M)	364.62	383.51	403.18
PV of Terminal Value (M)	13,269.33	13,956.81	14,672.49
Equity Value (M)	14,748.22	15,485.30	16,252.03
Shares Outstanding (M)	2,953.53	2,953.53	2,953.53
Fair Value	$4.99	$5.24	$5.50
Upside / Downside	-14.93%	-10.68%	-6.26%

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Shanghai Dazhong Public Utilities(Group) Co.,Ltd. (600635.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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