DDM Analysis: 600475.SS

Valuation Snapshot

Stable Growth	$47.91 - $117.33	$109.96
Multi-Stage	$17.19 - $18.81	$17.98
Blended Fair Value	$63.97
Current Price	$14.89
Upside	329.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.99%	39.05%	0.72	0.34	0.26	0.34	0.21	0.13	0.07	0.06	0.04	0.03
YoY Growth	-	-	109.41%	29.87%	-21.39%	57.59%	59.62%	91.67%	20.00%	56.08%	40.00%	0.00%
Dividend Yield	-	-	7.59%	3.07%	2.29%	4.46%	2.53%	1.90%	1.10%	0.80%	0.34%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	567.29
(-) Cash Dividends Paid (M)	260.67
(=) Cash Retained (M)	306.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.46	70.91	42.55
Cash Retained (M)	306.62	306.62	306.62
(-) Cash Required (M)	-113.46	-70.91	-42.55
(=) Excess Retained (M)	193.16	235.71	264.07
(/) Shares Outstanding (M)	961.54	961.54	961.54
(=) Excess Retained per Share	0.20	0.25	0.27
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.20	0.25	0.27
(=) Adjusted Dividend	0.47	0.52	0.55
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47.91	$109.96	$117.33
Upside / Downside	221.74%	638.47%	688.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	567.29	604.17	643.44	685.26	729.80	777.24	800.56
Payout Ratio	45.95%	54.76%	63.57%	72.38%	81.19%	90.00%	92.50%
Projected Dividends (M)	260.67	330.84	409.03	495.99	592.53	699.52	740.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	307.62	310.54	313.45
Year 2 PV (M)	353.63	360.36	367.16
Year 3 PV (M)	398.71	410.15	421.81
Year 4 PV (M)	442.87	459.90	477.42
Year 5 PV (M)	486.14	509.62	534.00
PV of Terminal Value (M)	14,540.17	15,242.46	15,971.64
Equity Value (M)	16,529.13	17,293.04	18,085.49
Shares Outstanding (M)	961.54	961.54	961.54
Fair Value	$17.19	$17.98	$18.81
Upside / Downside	15.45%	20.78%	26.32%

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Wuxi Huaguang Environment & Energy Group Co.,Ltd. (600475.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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