DDM Analysis: 600682.SS

Valuation Snapshot

Stable Growth	$23.58 - $27.89	$26.09
Multi-Stage	$135.41 - $151.61	$143.32
Blended Fair Value	$84.71
Current Price	$7.31
Upside	1,058.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.78%	-10.97%	0.04	0.04	0.07	0.08	0.07	0.08	0.28	0.31	0.29	0.38
YoY Growth	-	-	6.56%	-41.68%	-10.76%	15.31%	-11.58%	-72.05%	-7.94%	6.45%	-24.63%	168.12%
Dividend Yield	-	-	0.71%	0.70%	0.79%	0.76%	0.76%	0.95%	1.72%	0.93%	0.79%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	220.90
(-) Cash Dividends Paid (M)	24.41
(=) Cash Retained (M)	196.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.18	27.61	16.57
Cash Retained (M)	196.49	196.49	196.49
(-) Cash Required (M)	-44.18	-27.61	-16.57
(=) Excess Retained (M)	152.31	168.88	179.92
(/) Shares Outstanding (M)	1,307.28	1,307.28	1,307.28
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	-42.81%	-42.81%	-42.81%
Growth Rate	-12.78%	-11.78%	-10.78%
Fair Value	$23.58	$26.09	$27.89
Upside / Downside	222.61%	256.90%	281.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	220.90	194.89	171.94	151.69	133.83	118.07	121.61
Payout Ratio	11.05%	26.84%	42.63%	58.42%	74.21%	90.00%	92.50%
Projected Dividends (M)	24.41	52.31	73.30	88.62	99.31	106.26	112.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-42.81%	-42.81%	-42.81%
Growth Rate	-12.78%	-11.78%	-10.78%
Year 1 PV (M)	90.43	91.47	92.51
Year 2 PV (M)	219.07	224.13	229.24
Year 3 PV (M)	457.90	473.83	490.12
Year 4 PV (M)	887.15	928.54	971.36
Year 5 PV (M)	1,641.00	1,737.25	1,837.97
PV of Terminal Value (M)	173,718.54	183,907.73	194,569.51
Equity Value (M)	177,014.10	187,362.95	198,190.71
Shares Outstanding (M)	1,307.28	1,307.28	1,307.28
Fair Value	$135.41	$143.32	$151.61
Upside / Downside	1,752.35%	1,860.64%	1,973.95%

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Nanjing Xinjiekou Department Store Co., Ltd. (600682.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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