DDM Analysis: 002580.SZ

Valuation Snapshot

Stable Growth	$72.71 - $85.66	$80.28
Multi-Stage	$49.33 - $54.15	$51.70
Blended Fair Value	$65.99
Current Price	$14.42
Upside	357.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.48%	4.27%	0.08	0.04	0.01	0.02	0.04	0.03	0.03	0.06	0.06	0.07
YoY Growth	-	-	119.26%	164.17%	-44.22%	-43.53%	45.01%	-8.31%	-45.89%	8.73%	-16.84%	28.02%
Dividend Yield	-	-	0.58%	0.49%	0.14%	0.34%	0.76%	0.60%	0.50%	0.72%	0.54%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	199.10
(-) Cash Dividends Paid (M)	25.65
(=) Cash Retained (M)	173.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.82	24.89	14.93
Cash Retained (M)	173.46	173.46	173.46
(-) Cash Required (M)	-39.82	-24.89	-14.93
(=) Excess Retained (M)	133.64	148.57	158.53
(/) Shares Outstanding (M)	462.25	462.25	462.25
(=) Excess Retained per Share	0.29	0.32	0.34
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.29	0.32	0.34
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	2.28%	2.28%	2.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.71	$80.28	$85.66
Upside / Downside	404.21%	456.71%	494.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	199.10	212.05	225.83	240.51	256.14	272.79	280.97
Payout Ratio	12.88%	28.30%	43.73%	59.15%	74.58%	90.00%	92.50%
Projected Dividends (M)	25.65	60.02	98.75	142.27	191.02	245.51	259.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.28%	2.28%	2.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58.13	58.68	59.23
Year 2 PV (M)	92.63	94.39	96.18
Year 3 PV (M)	129.24	132.95	136.73
Year 4 PV (M)	168.07	174.53	181.18
Year 5 PV (M)	209.21	219.32	229.81
PV of Terminal Value (M)	22,147.29	23,217.01	24,327.67
Equity Value (M)	22,804.57	23,896.89	25,030.81
Shares Outstanding (M)	462.25	462.25	462.25
Fair Value	$49.33	$51.70	$54.15
Upside / Downside	242.12%	258.51%	275.52%

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Shandong Sacred Sun Power Sources Co.,Ltd (002580.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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