DDM Analysis: 600105.SS

Valuation Snapshot

Stable Growth	$4.21 - $9.11	$6.02
Multi-Stage	$5.77 - $6.33	$6.04
Blended Fair Value	$6.03
Current Price	$12.71
Upside	-52.54%
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	-11.06%	4.85%	0.10	0.07	0.06	0.10	0.08	0.17	0.09	0.08	0.02	0.04
YoY Growth	-	-	36.47%	14.96%	-38.59%	21.07%	-52.28%	101.29%	11.12%	298.43%	-54.64%	-28.63%
Dividend Yield	-	-	1.45%	1.39%	1.34%	2.45%	2.64%	3.75%	1.52%	1.77%	0.25%	0.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	333.21
(-) Cash Dividends Paid (M)	133.46
(=) Cash Retained (M)	199.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.64	41.65	24.99
Cash Retained (M)	199.74	199.74	199.74
(-) Cash Required (M)	-66.64	-41.65	-24.99
(=) Excess Retained (M)	133.10	158.09	174.75
(/) Shares Outstanding (M)	1,471.17	1,471.17	1,471.17
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	2.05%	3.05%	4.05%
Fair Value	$4.21	$6.02	$9.11
Upside / Downside	-66.88%	-52.64%	-28.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	333.21	343.37	353.84	364.63	375.75	387.21	398.83
Payout Ratio	40.05%	50.04%	60.03%	70.02%	80.01%	90.00%	92.50%
Projected Dividends (M)	133.46	171.83	212.42	255.32	300.64	348.49	368.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	2.05%	3.05%	4.05%
Year 1 PV (M)	159.87	161.43	163.00
Year 2 PV (M)	183.86	187.48	191.14
Year 3 PV (M)	205.61	211.71	217.93
Year 4 PV (M)	225.24	234.20	243.43
Year 5 PV (M)	242.91	255.04	267.66
PV of Terminal Value (M)	7,469.46	7,842.68	8,230.66
Equity Value (M)	8,486.95	8,892.55	9,313.82
Shares Outstanding (M)	1,471.17	1,471.17	1,471.17
Fair Value	$5.77	$6.04	$6.33
Upside / Downside	-54.61%	-52.44%	-50.19%

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Jiangsu Etern Company Limited (600105.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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