DDM Analysis: 000533.SZ

Valuation Snapshot

Stable Growth	$0.72 - $0.98	$0.85
Multi-Stage	$1.38 - $1.53	$1.45
Blended Fair Value	$1.15
Current Price	$6.73
Upside	-82.87%
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	-26.92%	-21.80%	0.01	0.02	0.02	0.03	0.03	0.04	0.11	0.10	0.07	0.12
YoY Growth	-	-	-48.46%	-31.51%	-15.09%	-13.93%	-19.22%	-62.80%	15.52%	30.20%	-38.90%	20.02%
Dividend Yield	-	-	0.13%	0.41%	0.59%	0.69%	1.05%	1.57%	3.00%	0.99%	0.64%	1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103.28
(-) Cash Dividends Paid (M)	4.02
(=) Cash Retained (M)	99.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.66	12.91	7.75
Cash Retained (M)	99.25	99.25	99.25
(-) Cash Required (M)	-20.66	-12.91	-7.75
(=) Excess Retained (M)	78.60	86.34	91.51
(/) Shares Outstanding (M)	691.22	691.22	691.22
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.81%	8.81%	8.81%
Growth Rate	-6.65%	-5.65%	-4.65%
Fair Value	$0.72	$0.85	$0.98
Upside / Downside	-89.28%	-87.33%	-85.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.28	97.44	91.93	86.73	81.83	77.20	79.52
Payout Ratio	3.89%	21.12%	38.34%	55.56%	72.78%	90.00%	92.50%
Projected Dividends (M)	4.02	20.58	35.24	48.19	59.56	69.48	73.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.81%	8.81%	8.81%
Growth Rate	-6.65%	-5.65%	-4.65%
Year 1 PV (M)	18.71	18.91	19.11
Year 2 PV (M)	29.14	29.77	30.40
Year 3 PV (M)	36.23	37.41	38.61
Year 4 PV (M)	40.71	42.49	44.32
Year 5 PV (M)	43.19	45.56	48.02
PV of Terminal Value (M)	787.19	830.26	875.21
Equity Value (M)	955.17	1,004.39	1,055.67
Shares Outstanding (M)	691.22	691.22	691.22
Fair Value	$1.38	$1.45	$1.53
Upside / Downside	-79.47%	-78.41%	-77.31%

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Guangdong Shunna Electric Co., Ltd (000533.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener