DDM Analysis: 600927.SS

Valuation Snapshot

Stable Growth	$3.96 - $6.09	$4.95
Multi-Stage	$8.57 - $9.44	$9.00
Blended Fair Value	$6.98
Current Price	$15.15
Upside	-53.96%
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	3.22%	0.00%	0.15	0.00	0.33	0.17	0.00	0.13	0.17	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	94.39%	0.00%	-100.00%	-27.61%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.13%	0.00%	1.95%	0.73%	0.00%	0.48%	0.67%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	630.89
(-) Cash Dividends Paid (M)	109.40
(=) Cash Retained (M)	521.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.18	78.86	47.32
Cash Retained (M)	521.50	521.50	521.50
(-) Cash Required (M)	-126.18	-78.86	-47.32
(=) Excess Retained (M)	395.32	442.64	474.18
(/) Shares Outstanding (M)	1,454.42	1,454.42	1,454.42
(=) Excess Retained per Share	0.27	0.30	0.33
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.27	0.30	0.33
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.96	$4.95	$6.09
Upside / Downside	-73.85%	-67.30%	-59.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	630.89	624.59	618.34	612.16	606.04	599.97	617.97
Payout Ratio	17.34%	31.87%	46.40%	60.94%	75.47%	90.00%	92.50%
Projected Dividends (M)	109.40	199.07	286.93	373.02	457.36	539.98	571.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	184.88	186.77	188.66
Year 2 PV (M)	247.50	252.57	257.70
Year 3 PV (M)	298.82	308.07	317.50
Year 4 PV (M)	340.28	354.38	368.92
Year 5 PV (M)	373.11	392.54	412.77
PV of Terminal Value (M)	11,016.59	11,590.25	12,187.56
Equity Value (M)	12,461.19	13,084.59	13,733.11
Shares Outstanding (M)	1,454.42	1,454.42	1,454.42
Fair Value	$8.57	$9.00	$9.44
Upside / Downside	-43.45%	-40.62%	-37.67%

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Yongan Futures (600927.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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