DDM Analysis: 600111.SS

Valuation Snapshot

Stable Growth	$16.63 - $58.61	$27.52
Multi-Stage	$10.49 - $11.48	$10.98
Blended Fair Value	$19.25
Current Price	$48.30
Upside	-60.14%
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	22.71%	0.43%	0.14	0.17	0.44	0.07	0.09	0.05	0.04	0.06	0.03	0.08
YoY Growth	-	-	-17.76%	-61.80%	535.71%	-26.26%	88.91%	42.86%	-40.55%	96.24%	-64.00%	-37.50%
Dividend Yield	-	-	0.62%	0.85%	1.71%	0.18%	0.50%	0.56%	0.31%	0.45%	0.25%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,140.29
(-) Cash Dividends Paid (M)	276.06
(=) Cash Retained (M)	1,864.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	428.06	267.54	160.52
Cash Retained (M)	1,864.22	1,864.22	1,864.22
(-) Cash Required (M)	-428.06	-267.54	-160.52
(=) Excess Retained (M)	1,436.17	1,596.69	1,703.70
(/) Shares Outstanding (M)	3,615.07	3,615.07	3,615.07
(=) Excess Retained per Share	0.40	0.44	0.47
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.40	0.44	0.47
(=) Adjusted Dividend	0.47	0.52	0.55
WACC / Discount Rate	8.50%	8.50%	8.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.63	$27.52	$58.61
Upside / Downside	-65.57%	-43.01%	21.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,140.29	2,279.41	2,427.57	2,585.36	2,753.41	2,932.38	3,020.35
Payout Ratio	12.90%	28.32%	43.74%	59.16%	74.58%	90.00%	92.50%
Projected Dividends (M)	276.06	645.50	1,061.80	1,529.48	2,053.48	2,639.14	2,793.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.50%	8.50%	8.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	589.32	594.91	600.49
Year 2 PV (M)	885.02	901.87	918.89
Year 3 PV (M)	1,163.89	1,197.30	1,231.34
Year 4 PV (M)	1,426.63	1,481.50	1,537.93
Year 5 PV (M)	1,673.94	1,754.79	1,838.74
PV of Terminal Value (M)	32,193.11	33,748.05	35,362.50
Equity Value (M)	37,931.90	39,678.41	41,489.89
Shares Outstanding (M)	3,615.07	3,615.07	3,615.07
Fair Value	$10.49	$10.98	$11.48
Upside / Downside	-78.28%	-77.28%	-76.24%

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China Northern Rare Earth (Group) High-Tech Co.,Ltd (600111.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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