DDM Analysis: 0975.HK

Valuation Snapshot

Stable Growth	$5.69 - $11.99	$8.06
Multi-Stage	$4.10 - $4.48	$4.29
Blended Fair Value	$6.17
Current Price	$0.81
Upside	663.24%
Decision	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%	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	321.74
(-) Cash Dividends Paid (M)	21.35
(=) Cash Retained (M)	300.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.35	40.22	24.13
Cash Retained (M)	300.39	300.39	300.39
(-) Cash Required (M)	-64.35	-40.22	-24.13
(=) Excess Retained (M)	236.04	260.17	276.26
(/) Shares Outstanding (M)	1,052.70	1,052.70	1,052.70
(=) Excess Retained per Share	0.22	0.25	0.26
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.22	0.25	0.26
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	10.03%	10.03%	10.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.69	$8.06	$11.99
Upside / Downside	603.43%	896.39%	1,382.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	321.74	342.65	364.93	388.65	413.91	440.81	454.04
Payout Ratio	6.64%	23.31%	39.98%	56.65%	73.33%	90.00%	92.50%
Projected Dividends (M)	21.35	79.87	145.90	220.18	303.51	396.73	419.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.03%	10.03%	10.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.90	72.58	73.26
Year 2 PV (M)	118.25	120.50	122.78
Year 3 PV (M)	160.66	165.27	169.97
Year 4 PV (M)	199.37	207.04	214.92
Year 5 PV (M)	234.62	245.95	257.72
PV of Terminal Value (M)	3,530.61	3,701.14	3,878.20
Equity Value (M)	4,315.41	4,512.49	4,716.85
Shares Outstanding (M)	1,052.70	1,052.70	1,052.70
Fair Value	$4.10	$4.29	$4.48
Upside / Downside	406.93%	430.08%	454.08%

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Mongolian Mining Corporation (0975.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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