DDM Analysis: 600104.SS

Valuation Snapshot

Stable Growth	$1.26 - $1.73	$1.50
Multi-Stage	$3.37 - $3.72	$3.54
Blended Fair Value	$2.52
Current Price	$17.12
Upside	-85.28%
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	-14.61%	-5.44%	0.66	0.61	0.69	0.81	1.09	1.46	2.02	1.81	1.36	1.30
YoY Growth	-	-	8.99%	-11.55%	-15.23%	-25.34%	-25.60%	-27.86%	11.51%	33.41%	4.37%	12.45%
Dividend Yield	-	-	4.20%	3.98%	4.79%	4.77%	5.52%	7.12%	7.61%	5.34%	5.36%	6.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,859.81
(-) Cash Dividends Paid (M)	2,145.35
(=) Cash Retained (M)	714.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	571.96	357.48	214.49
Cash Retained (M)	714.46	714.46	714.46
(-) Cash Required (M)	-571.96	-357.48	-214.49
(=) Excess Retained (M)	142.50	356.98	499.98
(/) Shares Outstanding (M)	11,414.20	11,414.20	11,414.20
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-7.44%	-6.44%	-5.44%
Fair Value	$1.26	$1.50	$1.73
Upside / Downside	-92.62%	-91.25%	-89.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,859.81	2,675.72	2,503.48	2,342.32	2,191.54	2,050.46	2,111.98
Payout Ratio	75.02%	78.01%	81.01%	84.01%	87.00%	90.00%	92.50%
Projected Dividends (M)	2,145.35	2,087.43	2,028.07	1,967.71	1,906.71	1,845.42	1,953.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-7.44%	-6.44%	-5.44%
Year 1 PV (M)	1,925.51	1,946.31	1,967.11
Year 2 PV (M)	1,725.64	1,763.13	1,801.02
Year 3 PV (M)	1,544.41	1,595.01	1,646.70
Year 4 PV (M)	1,380.45	1,441.08	1,503.68
Year 5 PV (M)	1,232.43	1,300.46	1,371.46
PV of Terminal Value (M)	30,693.94	32,388.16	34,156.39
Equity Value (M)	38,502.39	40,434.15	42,446.36
Shares Outstanding (M)	11,414.20	11,414.20	11,414.20
Fair Value	$3.37	$3.54	$3.72
Upside / Downside	-80.30%	-79.31%	-78.28%

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

SAIC Motor Corporation Limited (600104.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener