DDM Analysis: 000524.SZ

Valuation Snapshot

Stable Growth	$2.27 - $5.16	$3.30
Multi-Stage	$9.74 - $10.76	$10.24
Blended Fair Value	$6.77
Current Price	$13.82
Upside	-51.02%
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	0.00%	0.00%	0.00	0.00	0.00	0.00	0.12	0.25	0.30	0.03	0.01	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	-99.96%	-51.70%	-16.95%	961.24%	91.67%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	1.52%	4.14%	3.59%	0.28%	0.10%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.48
(-) Cash Dividends Paid (M)	53.62
(=) Cash Retained (M)	26.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.10	10.06	6.04
Cash Retained (M)	26.86	26.86	26.86
(-) Cash Required (M)	-16.10	-10.06	-6.04
(=) Excess Retained (M)	10.77	16.80	20.83
(/) Shares Outstanding (M)	668.80	668.80	668.80
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	2.16%	2.16%	2.16%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.27	$3.30	$5.16
Upside / Downside	-83.59%	-76.12%	-62.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.48	79.67	78.88	78.09	77.31	76.53	78.83
Payout Ratio	66.62%	71.30%	75.97%	80.65%	85.32%	90.00%	92.50%
Projected Dividends (M)	53.62	56.81	59.93	62.98	65.96	68.88	72.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.16%	2.16%	2.16%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	55.04	55.61	56.17
Year 2 PV (M)	56.27	57.42	58.59
Year 3 PV (M)	57.30	59.07	60.88
Year 4 PV (M)	58.15	60.56	63.05
Year 5 PV (M)	58.84	61.90	65.09
PV of Terminal Value (M)	6,228.94	6,553.30	6,891.02
Equity Value (M)	6,514.54	6,847.86	7,194.79
Shares Outstanding (M)	668.80	668.80	668.80
Fair Value	$9.74	$10.24	$10.76
Upside / Downside	-29.52%	-25.91%	-22.16%

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Guangzhou Lingnan Group Holdings Company Limited (000524.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener