DDM Analysis: 601069.SS

Valuation Snapshot

Stable Growth	$5.26 - $9.73	$7.10
Multi-Stage	$4.07 - $4.44	$4.25
Blended Fair Value	$5.67
Current Price	$29.90
Upside	-81.02%
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	13.79%	0.91%	0.06	0.08	0.05	0.26	0.04	0.03	0.02	0.05	0.04	0.04
YoY Growth	-	-	-29.31%	50.65%	-80.00%	649.93%	19.46%	94.31%	-71.67%	48.63%	-19.06%	-13.32%
Dividend Yield	-	-	0.33%	0.68%	0.37%	1.87%	0.27%	0.21%	0.10%	0.27%	0.17%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	314.49
(-) Cash Dividends Paid (M)	68.45
(=) Cash Retained (M)	246.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.90	39.31	23.59
Cash Retained (M)	246.04	246.04	246.04
(-) Cash Required (M)	-62.90	-39.31	-23.59
(=) Excess Retained (M)	183.14	206.73	222.45
(/) Shares Outstanding (M)	916.78	916.78	916.78
(=) Excess Retained per Share	0.20	0.23	0.24
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.20	0.23	0.24
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	11.00%	11.00%	11.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.26	$7.10	$9.73
Upside / Downside	-82.41%	-76.27%	-67.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	314.49	334.93	356.70	379.88	404.58	430.87	443.80
Payout Ratio	21.77%	35.41%	49.06%	62.71%	76.35%	90.00%	92.50%
Projected Dividends (M)	68.45	118.60	174.99	238.21	308.91	387.79	410.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.00%	11.00%	11.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	105.84	106.85	107.85
Year 2 PV (M)	139.36	142.02	144.70
Year 3 PV (M)	169.29	174.15	179.11
Year 4 PV (M)	195.92	203.45	211.20
Year 5 PV (M)	219.48	230.08	241.09
PV of Terminal Value (M)	2,902.62	3,042.82	3,188.38
Equity Value (M)	3,732.52	3,899.37	4,072.32
Shares Outstanding (M)	916.78	916.78	916.78
Fair Value	$4.07	$4.25	$4.44
Upside / Downside	-86.38%	-85.77%	-85.14%

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Western Region Gold Co., Ltd. (601069.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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