DDM Analysis: 002961.SZ

Valuation Snapshot

Stable Growth	$67.59 - $218.72	$204.97
Multi-Stage	$28.90 - $31.63	$30.24
Blended Fair Value	$117.61
Current Price	$21.55
Upside	445.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	59.07%	15.77%	0.38	0.25	0.37	0.31	0.21	0.04	0.13	0.02	0.02	0.00
YoY Growth	-	-	54.89%	-34.00%	22.23%	43.87%	466.43%	-70.62%	452.01%	39.60%	1,845.66%	-99.04%
Dividend Yield	-	-	2.35%	1.95%	2.36%	1.59%	1.02%	0.13%	1.60%	0.00%	0.21%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	497.01
(-) Cash Dividends Paid (M)	165.24
(=) Cash Retained (M)	331.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.40	62.13	37.28
Cash Retained (M)	331.77	331.77	331.77
(-) Cash Required (M)	-99.40	-62.13	-37.28
(=) Excess Retained (M)	232.37	269.65	294.50
(/) Shares Outstanding (M)	451.92	451.92	451.92
(=) Excess Retained per Share	0.51	0.60	0.65
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.51	0.60	0.65
(=) Adjusted Dividend	0.88	0.96	1.02
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$67.59	$204.97	$218.72
Upside / Downside	213.62%	851.15%	914.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	497.01	529.32	563.72	600.37	639.39	680.95	701.38
Payout Ratio	33.25%	44.60%	55.95%	67.30%	78.65%	90.00%	92.50%
Projected Dividends (M)	165.24	236.06	315.39	404.04	502.88	612.86	648.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	218.80	220.88	222.95
Year 2 PV (M)	270.97	276.13	281.34
Year 3 PV (M)	321.75	330.99	340.40
Year 4 PV (M)	371.19	385.46	400.15
Year 5 PV (M)	419.30	439.55	460.58
PV of Terminal Value (M)	11,459.56	12,013.07	12,587.75
Equity Value (M)	13,061.58	13,666.08	14,293.17
Shares Outstanding (M)	451.92	451.92	451.92
Fair Value	$28.90	$30.24	$31.63
Upside / Downside	34.12%	40.33%	46.76%

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CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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Ruida Futures Co., Ltd. (002961.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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