DDM Analysis: 601200.SS

Valuation Snapshot

Stable Growth	$32.02 - $87.88	$82.36
Multi-Stage	$12.51 - $13.68	$13.09
Blended Fair Value	$47.72
Current Price	$7.97
Upside	498.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.91%	14.17%	0.31	0.08	0.37	0.07	0.06	0.04	0.04	0.09	0.12	0.13
YoY Growth	-	-	276.86%	-77.47%	421.26%	22.19%	30.91%	6.31%	-55.91%	-20.03%	-11.03%	59.47%
Dividend Yield	-	-	3.91%	1.10%	4.76%	0.80%	0.60%	0.45%	0.40%	0.79%	0.63%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	594.77
(-) Cash Dividends Paid (M)	337.86
(=) Cash Retained (M)	256.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.95	74.35	44.61
Cash Retained (M)	256.91	256.91	256.91
(-) Cash Required (M)	-118.95	-74.35	-44.61
(=) Excess Retained (M)	137.95	182.56	212.30
(/) Shares Outstanding (M)	1,345.94	1,345.94	1,345.94
(=) Excess Retained per Share	0.10	0.14	0.16
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.10	0.14	0.16
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.02	$82.36	$87.88
Upside / Downside	301.81%	933.37%	1,002.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	594.77	633.43	674.61	718.46	765.16	814.89	839.34
Payout Ratio	56.81%	63.44%	70.08%	76.72%	83.36%	90.00%	92.50%
Projected Dividends (M)	337.86	401.88	472.79	551.22	637.84	733.40	776.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	373.23	376.77	380.31
Year 2 PV (M)	407.78	415.55	423.39
Year 3 PV (M)	441.54	454.21	467.13
Year 4 PV (M)	474.51	492.76	511.53
Year 5 PV (M)	506.70	531.18	556.59
PV of Terminal Value (M)	14,637.29	15,344.28	16,078.32
Equity Value (M)	16,841.06	17,614.75	18,417.26
Shares Outstanding (M)	1,345.94	1,345.94	1,345.94
Fair Value	$12.51	$13.09	$13.68
Upside / Downside	57.00%	64.21%	71.69%

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Shanghai Environment Group Co., Ltd (601200.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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