DDM Analysis: 001203.SZ

Valuation Snapshot

Stable Growth	$8.49 - $18.24	$12.11
Multi-Stage	$10.10 - $11.05	$10.57
Blended Fair Value	$11.34
Current Price	$12.69
Upside	-10.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2013	2012
DPS	-9.67%	3.12%	0.22	0.38	0.09	0.52	0.16	0.37	0.23	0.28	0.29	0.16
YoY Growth	-	-	-42.62%	334.58%	-83.12%	222.41%	-55.70%	59.12%	-16.19%	-4.88%	85.35%	-3.81%
Dividend Yield	-	-	2.57%	3.90%	0.74%	3.99%	1.26%	2.84%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	680.30
(-) Cash Dividends Paid (M)	498.45
(=) Cash Retained (M)	181.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.06	85.04	51.02
Cash Retained (M)	181.85	181.85	181.85
(-) Cash Required (M)	-136.06	-85.04	-51.02
(=) Excess Retained (M)	45.79	96.81	130.82
(/) Shares Outstanding (M)	1,488.09	1,488.09	1,488.09
(=) Excess Retained per Share	0.03	0.07	0.09
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.03	0.07	0.09
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	2.76%	3.76%	4.76%
Fair Value	$8.49	$12.11	$18.24
Upside / Downside	-33.12%	-4.59%	43.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	680.30	705.88	732.41	759.95	788.52	818.16	842.71
Payout Ratio	73.27%	76.62%	79.96%	83.31%	86.65%	90.00%	92.50%
Projected Dividends (M)	498.45	540.81	585.65	633.10	683.28	736.35	779.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	2.76%	3.76%	4.76%
Year 1 PV (M)	499.68	504.55	509.41
Year 2 PV (M)	499.96	509.74	519.61
Year 3 PV (M)	499.36	514.08	529.09
Year 4 PV (M)	497.96	517.63	537.88
Year 5 PV (M)	495.82	520.42	545.99
PV of Terminal Value (M)	12,533.62	13,155.46	13,801.74
Equity Value (M)	15,026.42	15,721.88	16,443.72
Shares Outstanding (M)	1,488.09	1,488.09	1,488.09
Fair Value	$10.10	$10.57	$11.05
Upside / Downside	-20.43%	-16.74%	-12.92%

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Inner Mongolia Dazhong Mining Co., Ltd. (001203.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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