DDM Analysis: 000058.SZ

Valuation Snapshot

Stable Growth	$1.07 - $1.96	$1.44
Multi-Stage	$1.82 - $2.00	$1.91
Blended Fair Value	$1.68
Current Price	$9.81
Upside	-82.92%
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	-14.85%	21.34%	0.06	0.05	0.05	0.07	0.11	0.13	0.13	0.12	0.13	0.03
YoY Growth	-	-	26.00%	-7.97%	-25.56%	-38.60%	-15.57%	1.15%	9.14%	-5.50%	377.05%	210.71%
Dividend Yield	-	-	0.72%	0.67%	0.77%	1.15%	1.80%	2.12%	1.74%	1.79%	1.25%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.32
(-) Cash Dividends Paid (M)	41.06
(=) Cash Retained (M)	51.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.46	11.54	6.92
Cash Retained (M)	51.26	51.26	51.26
(-) Cash Required (M)	-18.46	-11.54	-6.92
(=) Excess Retained (M)	32.80	39.72	44.34
(/) Shares Outstanding (M)	1,230.74	1,230.74	1,230.74
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	6.41%	6.41%	6.41%
Growth Rate	0.77%	1.77%	2.77%
Fair Value	$1.07	$1.44	$1.96
Upside / Downside	-89.07%	-85.33%	-80.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.32	93.95	95.61	97.30	99.02	100.77	103.79
Payout Ratio	44.48%	53.58%	62.69%	71.79%	80.90%	90.00%	92.50%
Projected Dividends (M)	41.06	50.34	59.93	69.85	80.10	90.69	96.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.41%	6.41%	6.41%
Growth Rate	0.77%	1.77%	2.77%
Year 1 PV (M)	46.84	47.31	47.77
Year 2 PV (M)	51.90	52.93	53.98
Year 3 PV (M)	56.28	57.98	59.70
Year 4 PV (M)	60.06	62.48	64.97
Year 5 PV (M)	63.28	66.48	69.81
PV of Terminal Value (M)	1,965.69	2,065.19	2,168.67
Equity Value (M)	2,244.06	2,352.37	2,464.91
Shares Outstanding (M)	1,230.74	1,230.74	1,230.74
Fair Value	$1.82	$1.91	$2.00
Upside / Downside	-81.41%	-80.52%	-79.58%

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Shenzhen SEG Co.,Ltd (000058.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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