DDM Analysis: 600995.SS

Valuation Snapshot

Stable Growth	$51.68 - $95.43	$89.43
Multi-Stage	$15.16 - $16.59	$15.86
Blended Fair Value	$52.65
Current Price	$12.37
Upside	325.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	60.28%	26.07%	0.32	0.20	0.65	0.27	0.04	0.03	0.02	0.02	0.02	0.01
YoY Growth	-	-	58.25%	-68.94%	139.54%	669.54%	16.75%	42.77%	-8.65%	6.62%	117.93%	-68.36%
Dividend Yield	-	-	3.36%	2.09%	4.66%	1.97%	0.48%	0.41%	0.25%	0.26%	0.17%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,514.58
(-) Cash Dividends Paid (M)	772.07
(=) Cash Retained (M)	742.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	302.92	189.32	113.59
Cash Retained (M)	742.51	742.51	742.51
(-) Cash Required (M)	-302.92	-189.32	-113.59
(=) Excess Retained (M)	439.59	553.19	628.91
(/) Shares Outstanding (M)	3,156.30	3,156.30	3,156.30
(=) Excess Retained per Share	0.14	0.18	0.20
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.14	0.18	0.20
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$51.68	$89.43	$95.43
Upside / Downside	317.78%	622.99%	671.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,514.58	1,613.03	1,717.88	1,829.54	1,948.46	2,075.11	2,137.36
Payout Ratio	50.98%	58.78%	66.59%	74.39%	82.20%	90.00%	92.50%
Projected Dividends (M)	772.07	948.15	1,143.86	1,361.00	1,601.54	1,867.60	1,977.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	883.72	892.10	900.47
Year 2 PV (M)	993.68	1,012.60	1,031.71
Year 3 PV (M)	1,101.96	1,133.60	1,165.83
Year 4 PV (M)	1,208.60	1,255.08	1,302.89
Year 5 PV (M)	1,313.60	1,377.05	1,442.93
PV of Terminal Value (M)	42,348.82	44,394.28	46,518.03
Equity Value (M)	47,850.38	50,064.71	52,361.85
Shares Outstanding (M)	3,156.30	3,156.30	3,156.30
Fair Value	$15.16	$15.86	$16.59
Upside / Downside	22.56%	28.23%	34.11%

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China Southern Power Grid Energy Storage Co., Ltd. (600995.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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