DDM Analysis: 000993.SZ

Valuation Snapshot

Stable Growth	$2.98 - $4.33	$3.63
Multi-Stage	$4.71 - $5.19	$4.94
Blended Fair Value	$4.29
Current Price	$9.85
Upside	-56.46%
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	11.63%	0.10%	0.21	0.03	0.04	0.08	0.11	0.12	0.12	0.15	0.12	0.00
YoY Growth	-	-	723.39%	-36.77%	-51.87%	-26.79%	-5.51%	1.00%	-21.73%	27.40%	0.00%	-100.00%
Dividend Yield	-	-	2.33%	0.25%	0.40%	0.73%	1.59%	1.85%	1.42%	1.86%	0.82%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	206.37
(-) Cash Dividends Paid (M)	10.19
(=) Cash Retained (M)	196.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.27	25.80	15.48
Cash Retained (M)	196.18	196.18	196.18
(-) Cash Required (M)	-41.27	-25.80	-15.48
(=) Excess Retained (M)	154.91	170.38	180.70
(/) Shares Outstanding (M)	509.87	509.87	509.87
(=) Excess Retained per Share	0.30	0.33	0.35
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.30	0.33	0.35
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	8.87%	8.87%	8.87%
Growth Rate	-1.81%	-0.81%	0.19%
Fair Value	$2.98	$3.63	$4.33
Upside / Downside	-69.75%	-63.12%	-56.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	206.37	204.71	203.06	201.42	199.80	198.19	204.14
Payout Ratio	4.94%	21.95%	38.96%	55.98%	72.99%	90.00%	92.50%
Projected Dividends (M)	10.19	44.94	79.12	112.75	145.83	178.37	188.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.87%	8.87%	8.87%
Growth Rate	-1.81%	-0.81%	0.19%
Year 1 PV (M)	40.86	41.28	41.69
Year 2 PV (M)	65.42	66.76	68.11
Year 3 PV (M)	84.77	87.39	90.06
Year 4 PV (M)	99.70	103.82	108.07
Year 5 PV (M)	110.89	116.65	122.65
PV of Terminal Value (M)	2,001.34	2,105.34	2,213.62
Equity Value (M)	2,402.97	2,521.23	2,644.20
Shares Outstanding (M)	509.87	509.87	509.87
Fair Value	$4.71	$4.94	$5.19
Upside / Downside	-52.15%	-49.80%	-47.35%

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Fujian Mindong Electric Power Limited Company (000993.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener