DDM Analysis: 603017.SS

Valuation Snapshot

Stable Growth	$0.70 - $0.94	$0.82
Multi-Stage	$2.29 - $2.53	$2.41
Blended Fair Value	$1.61
Current Price	$10.30
Upside	-84.32%
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	-15.37%	-3.67%	0.13	0.34	0.29	0.67	0.44	0.30	0.31	0.14	0.18	0.14
YoY Growth	-	-	-61.56%	18.10%	-56.66%	50.25%	46.79%	-1.24%	123.80%	-22.73%	22.42%	-24.19%
Dividend Yield	-	-	1.58%	4.05%	2.67%	6.44%	4.40%	2.81%	1.95%	1.03%	0.88%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.72
(-) Cash Dividends Paid (M)	32.21
(=) Cash Retained (M)	8.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.14	5.09	3.05
Cash Retained (M)	8.51	8.51	8.51
(-) Cash Required (M)	-8.14	-5.09	-3.05
(=) Excess Retained (M)	0.37	3.42	5.46
(/) Shares Outstanding (M)	271.61	271.61	271.61
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-9.23%	-8.23%	-7.23%
Fair Value	$0.70	$0.82	$0.94
Upside / Downside	-93.25%	-92.02%	-90.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.72	37.37	34.29	31.47	28.88	26.50	27.30
Payout Ratio	79.10%	81.28%	83.46%	85.64%	87.82%	90.00%	92.50%
Projected Dividends (M)	32.21	30.37	28.62	26.95	25.36	23.85	25.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-9.23%	-8.23%	-7.23%
Year 1 PV (M)	28.23	28.54	28.85
Year 2 PV (M)	24.72	25.27	25.82
Year 3 PV (M)	21.64	22.36	23.10
Year 4 PV (M)	18.92	19.77	20.65
Year 5 PV (M)	16.54	17.47	18.45
PV of Terminal Value (M)	511.89	540.72	570.83
Equity Value (M)	621.94	654.13	687.69
Shares Outstanding (M)	271.61	271.61	271.61
Fair Value	$2.29	$2.41	$2.53
Upside / Downside	-77.77%	-76.62%	-75.42%

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

ARTS Group Co., Ltd (603017.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener