DDM Analysis: 600103.SS

Valuation Snapshot

Stable Growth	$0.32 - $0.53	$0.41
Multi-Stage	$1.18 - $1.31	$1.24
Blended Fair Value	$0.83
Current Price	$3.68
Upside	-77.52%
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	14.25%	-4.30%	0.03	0.06	0.01	0.01	0.01	0.01	0.02	0.03	0.03	0.04
YoY Growth	-	-	-54.03%	642.58%	-46.32%	-0.68%	6.94%	-12.92%	-38.84%	-17.71%	-17.43%	-8.55%
Dividend Yield	-	-	1.21%	2.69%	0.30%	0.55%	0.67%	0.68%	0.61%	0.92%	0.78%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.00
(-) Cash Dividends Paid (M)	40.63
(=) Cash Retained (M)	22.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.60	7.88	4.73
Cash Retained (M)	22.38	22.38	22.38
(-) Cash Required (M)	-12.60	-7.88	-4.73
(=) Excess Retained (M)	9.77	14.50	17.65
(/) Shares Outstanding (M)	2,210.14	2,210.14	2,210.14
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.02	0.02	0.03
WACC / Discount Rate	4.76%	4.76%	4.76%
Growth Rate	-2.22%	-1.22%	-0.22%
Fair Value	$0.32	$0.41	$0.53
Upside / Downside	-91.32%	-88.81%	-85.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.00	62.24	61.48	60.73	59.99	59.25	61.03
Payout Ratio	64.49%	69.59%	74.69%	79.79%	84.90%	90.00%	92.50%
Projected Dividends (M)	40.63	43.31	45.92	48.46	50.93	53.33	56.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.76%	4.76%	4.76%
Growth Rate	-2.22%	-1.22%	-0.22%
Year 1 PV (M)	40.92	41.34	41.76
Year 2 PV (M)	40.99	41.84	42.69
Year 3 PV (M)	40.88	42.14	43.44
Year 4 PV (M)	40.59	42.28	44.02
Year 5 PV (M)	40.16	42.26	44.44
PV of Terminal Value (M)	2,411.12	2,536.96	2,668.00
Equity Value (M)	2,614.66	2,746.81	2,884.34
Shares Outstanding (M)	2,210.14	2,210.14	2,210.14
Fair Value	$1.18	$1.24	$1.31
Upside / Downside	-67.85%	-66.23%	-64.54%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 12 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
SO	The Southern Company	3.09%	$2.69	67.01%
CFR	Cullen/Frost Bankers, Inc.	3.08%	$3.94	39.68%
CMS	CMS Energy Corporation	3.08%	$2.17	62.27%
SJW	SJW Group	3.08%	$1.60	52.08%
SNV	Synovus Financial Corp.	3.08%	$1.54	27.05%
0HCT.L	Alliant Energy Corporation	3.07%	$1.99	62.84%
0M3L.L	Zions Bancorporation, National Association	3.07%	$1.79	31.01%
IVZ	Invesco Ltd.	3.07%	$0.83	35.83%
SWX	Southwest Gas Holdings, Inc.	3.07%	$2.46	38.44%
PEG	Public Service Enterprise Group Incorporated	3.06%	$2.48	59.65%
CASS	Cass Information Systems, Inc.	3.05%	$1.24	52.58%
CIVB	Civista Bancshares, Inc.	3.05%	$0.67	25.26%
TXN	Texas Instruments Incorporated	3.05%	$5.41	98.14%
CTRE	CareTrust REIT, Inc.	3.04%	$1.10	89.62%
UCB	United Community Banks, Inc.	3.04%	$0.95	36.76%
DRI	Darden Restaurants, Inc.	3.03%	$5.68	60.69%
HMN	Horace Mann Educators Corporation	3.02%	$1.36	34.55%
VG	Venture Global, Inc.	3.02%	$0.21	24.09%
HFBL	Home Federal Bancorp, Inc. of Louisiana	3.01%	$0.54	35.96%
TOWN	TowneBank	3.01%	$1.00	45.24%
GBCI	Glacier Bancorp, Inc.	3.00%	$1.34	64.06%
MBWM	Mercantile Bank Corporation	3.00%	$1.43	27.14%
PPL	PPL Corporation	3.00%	$1.05	71.70%
DTSQ	DT Cloud Star Acquisition Corporation	2.99%	$0.32	87.02%
EBMT	Eagle Bancorp Montana, Inc.	2.99%	$0.58	33.76%
INDB	Independent Bank Corp.	2.99%	$2.19	35.86%
ESSA	ESSA Bancorp, Inc.	2.98%	$0.61	39.75%
RDN	Radian Group Inc.	2.98%	$1.07	25.60%
0K0X.L	MetLife, Inc.	2.96%	$2.36	41.08%
CUBB	Customers Bancorp, Inc 5.375% S	2.96%	$0.66	12.54%
HBB	Hamilton Beach Brands Holding Company	2.96%	$0.47	20.02%
SD	SandRidge Energy, Inc.	2.96%	$0.44	24.38%
STRW	Strawberry Fields REIT LLC	2.95%	$0.38	70.76%
INGR	Ingredion Incorporated	2.94%	$3.23	32.02%
JWN	Nordstrom, Inc.	2.94%	$0.73	42.03%
PKBK	Parke Bancorp, Inc.	2.94%	$0.71	25.08%
0JW2.L	M&T Bank Corporation	2.93%	$5.91	33.38%
EIG	Employers Holdings, Inc.	2.93%	$1.26	48.48%
MYE	Myers Industries, Inc.	2.93%	$0.55	73.41%
RM	Regional Management Corp.	2.93%	$1.15	28.16%
HSY	The Hershey Company	2.92%	$5.33	79.75%
STZ	Constellation Brands, Inc.	2.92%	$4.12	59.24%
AROC	Archrock, Inc.	2.91%	$0.77	51.05%
JXN	Jackson Financial Inc.	2.91%	$3.13	38.19%
OSPN	OneSpan Inc.	2.91%	$0.36	23.87%
0LC6.L	Sysco Corporation	2.90%	$2.10	55.57%
EXE	Expand Energy Corporation	2.89%	$3.17	87.89%
PG	The Procter & Gamble Company	2.89%	$4.09	59.50%
RES	RPC, Inc.	2.89%	$0.16	72.96%
0M1R.L	Xcel Energy Inc.	2.88%	$2.16	65.69%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Fujian Qingshan Paper Industry Co.,Ltd. (600103.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener