DDM Analysis: 600826.SS

Valuation Snapshot

Stable Growth	$3.86 - $6.05	$4.86
Multi-Stage	$8.07 - $8.87	$8.46
Blended Fair Value	$6.66
Current Price	$10.43
Upside	-36.12%
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	-10.72%	24.82%	0.27	0.10	0.09	0.10	0.08	0.47	0.12	0.35	0.22	0.22
YoY Growth	-	-	178.96%	2.41%	-2.97%	25.89%	-83.74%	284.58%	-64.93%	57.50%	0.25%	660.00%
Dividend Yield	-	-	3.46%	1.48%	1.35%	1.56%	1.26%	6.30%	1.42%	3.63%	1.20%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	285.57
(-) Cash Dividends Paid (M)	208.03
(=) Cash Retained (M)	77.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.11	35.70	21.42
Cash Retained (M)	77.54	77.54	77.54
(-) Cash Required (M)	-57.11	-35.70	-21.42
(=) Excess Retained (M)	20.43	41.85	56.12
(/) Shares Outstanding (M)	724.18	724.18	724.18
(=) Excess Retained per Share	0.03	0.06	0.08
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.03	0.06	0.08
(=) Adjusted Dividend	0.32	0.35	0.36
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-1.33%	-0.33%	0.67%
Fair Value	$3.86	$4.86	$6.05
Upside / Downside	-63.03%	-53.38%	-42.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	285.57	284.62	283.68	282.73	281.79	280.85	289.28
Payout Ratio	72.85%	76.28%	79.71%	83.14%	86.57%	90.00%	92.50%
Projected Dividends (M)	208.03	217.10	226.11	235.06	243.94	252.77	267.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-1.33%	-0.33%	0.67%
Year 1 PV (M)	201.35	203.40	205.44
Year 2 PV (M)	194.50	198.46	202.46
Year 3 PV (M)	187.53	193.28	199.16
Year 4 PV (M)	180.50	187.92	195.58
Year 5 PV (M)	173.46	182.43	191.76
PV of Terminal Value (M)	4,909.78	5,163.68	5,427.97
Equity Value (M)	5,847.11	6,129.17	6,422.38
Shares Outstanding (M)	724.18	724.18	724.18
Fair Value	$8.07	$8.46	$8.87
Upside / Downside	-22.59%	-18.85%	-14.97%

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Dlg Exhibitions & Events Corporation Limited (600826.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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