DDM Analysis: 605222.SS

Valuation Snapshot

Stable Growth	$3.26 - $5.00	$4.07
Multi-Stage	$7.28 - $8.00	$7.64
Blended Fair Value	$5.85
Current Price	$19.10
Upside	-69.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	47.20%	0.00%	0.52	0.11	0.25	0.33	0.12	0.08	0.34	0.04	0.04	0.00
YoY Growth	-	-	384.46%	-56.74%	-23.92%	168.97%	61.15%	-78.03%	795.49%	-6.23%	0.00%	0.00%
Dividend Yield	-	-	3.38%	0.61%	1.08%	1.60%	0.58%	0.28%	1.29%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	148.74
(-) Cash Dividends Paid (M)	103.77
(=) Cash Retained (M)	44.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.75	18.59	11.16
Cash Retained (M)	44.97	44.97	44.97
(-) Cash Required (M)	-29.75	-18.59	-11.16
(=) Excess Retained (M)	15.22	26.38	33.82
(/) Shares Outstanding (M)	413.37	413.37	413.37
(=) Excess Retained per Share	0.04	0.06	0.08
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.04	0.06	0.08
(=) Adjusted Dividend	0.29	0.31	0.33
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.26	$4.07	$5.00
Upside / Downside	-82.94%	-78.69%	-73.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.74	147.25	145.78	144.32	142.88	141.45	145.69
Payout Ratio	69.76%	73.81%	77.86%	81.91%	85.95%	90.00%	92.50%
Projected Dividends (M)	103.77	108.69	113.50	118.21	122.81	127.30	134.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	100.88	101.90	102.93
Year 2 PV (M)	97.77	99.78	101.80
Year 3 PV (M)	94.50	97.43	100.41
Year 4 PV (M)	91.12	94.90	98.79
Year 5 PV (M)	87.67	92.24	96.99
PV of Terminal Value (M)	2,537.87	2,670.02	2,807.62
Equity Value (M)	3,009.81	3,156.26	3,308.55
Shares Outstanding (M)	413.37	413.37	413.37
Fair Value	$7.28	$7.64	$8.00
Upside / Downside	-61.88%	-60.02%	-58.10%

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Shanghai QiFan Cable Co., Ltd (605222.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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