DDM Analysis: 600825.SS

Valuation Snapshot

Stable Growth	$0.29 - $0.40	$0.34
Multi-Stage	$0.43 - $0.48	$0.46
Blended Fair Value	$0.40
Current Price	$6.76
Upside	-94.08%
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	5.39%	-4.22%	0.01	0.00	0.01	0.00	0.01	0.01	0.02	0.01	0.02	0.02
YoY Growth	-	-	0.00%	-100.00%	0.00%	-100.00%	-30.00%	-33.33%	7.14%	-17.65%	13.33%	-25.00%
Dividend Yield	-	-	0.21%	0.00%	0.23%	0.00%	0.17%	0.20%	0.23%	0.25%	0.21%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.27
(-) Cash Dividends Paid (M)	12.53
(=) Cash Retained (M)	30.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.65	5.41	3.24
Cash Retained (M)	30.73	30.73	30.73
(-) Cash Required (M)	-8.65	-5.41	-3.24
(=) Excess Retained (M)	22.08	25.32	27.49
(/) Shares Outstanding (M)	997.88	997.88	997.88
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.03	0.04	0.04
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.29	$0.34	$0.40
Upside / Downside	-95.78%	-94.91%	-94.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.27	42.83	42.41	41.98	41.56	41.15	42.38
Payout Ratio	28.97%	41.18%	53.38%	65.59%	77.79%	90.00%	92.50%
Projected Dividends (M)	12.53	17.64	22.64	27.53	32.33	37.03	39.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.89	16.05	16.21
Year 2 PV (M)	18.36	18.74	19.12
Year 3 PV (M)	20.12	20.74	21.38
Year 4 PV (M)	21.28	22.16	23.07
Year 5 PV (M)	21.95	23.09	24.28
PV of Terminal Value (M)	336.45	353.97	372.22
Equity Value (M)	434.05	454.75	476.27
Shares Outstanding (M)	997.88	997.88	997.88
Fair Value	$0.43	$0.46	$0.48
Upside / Downside	-93.57%	-93.26%	-92.94%

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Shanghai Xinhua Media Co., Ltd. (600825.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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