DDM Analysis: 601827.SS

Valuation Snapshot

Stable Growth	$29.59 - $148.05	$61.76
Multi-Stage	$19.76 - $21.66	$20.69
Blended Fair Value	$41.22
Current Price	$8.18
Upside	403.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.06%	0.00%	0.40	0.39	0.42	0.34	0.19	0.16	0.22	0.08	0.06	0.05
YoY Growth	-	-	2.29%	-7.02%	21.29%	85.67%	16.47%	-26.61%	179.43%	19.39%	21.24%	0.00%
Dividend Yield	-	-	4.71%	5.05%	5.93%	4.39%	2.19%	1.62%	2.20%	0.79%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,262.14
(-) Cash Dividends Paid (M)	188.78
(=) Cash Retained (M)	1,073.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	252.43	157.77	94.66
Cash Retained (M)	1,073.36	1,073.36	1,073.36
(-) Cash Required (M)	-252.43	-157.77	-94.66
(=) Excess Retained (M)	820.93	915.59	978.70
(/) Shares Outstanding (M)	1,680.32	1,680.32	1,680.32
(=) Excess Retained per Share	0.49	0.54	0.58
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.49	0.54	0.58
(=) Adjusted Dividend	0.60	0.66	0.69
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	4.54%	5.54%	6.54%
Fair Value	$29.59	$61.76	$148.05
Upside / Downside	261.71%	655.00%	1,709.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,262.14	1,332.09	1,405.91	1,483.83	1,566.06	1,652.86	1,702.44
Payout Ratio	14.96%	29.97%	44.97%	59.98%	74.99%	90.00%	92.50%
Projected Dividends (M)	188.78	399.17	632.30	890.04	1,174.41	1,487.57	1,574.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	4.54%	5.54%	6.54%
Year 1 PV (M)	370.68	374.23	377.77
Year 2 PV (M)	545.26	555.75	566.33
Year 3 PV (M)	712.75	733.40	754.45
Year 4 PV (M)	873.36	907.25	942.13
Year 5 PV (M)	1,027.28	1,077.37	1,129.38
PV of Terminal Value (M)	29,670.37	31,116.84	32,619.18
Equity Value (M)	33,199.70	34,764.83	36,389.24
Shares Outstanding (M)	1,680.32	1,680.32	1,680.32
Fair Value	$19.76	$20.69	$21.66
Upside / Downside	141.54%	152.93%	164.75%

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Chongqing Sanfeng Environment Group Corp., Ltd. (601827.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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