DDM Analysis: 300488.SZ

Valuation Snapshot

Stable Growth	$90.84 - $183.15	$171.64
Multi-Stage	$28.67 - $31.36	$29.99
Blended Fair Value	$100.81
Current Price	$36.27
Upside	177.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.67%	13.01%	0.57	0.15	0.19	0.17	0.14	0.20	0.18	0.10	0.08	0.05
YoY Growth	-	-	276.13%	-21.18%	12.27%	17.82%	-26.22%	8.95%	72.49%	26.95%	61.55%	-69.53%
Dividend Yield	-	-	1.53%	0.65%	0.83%	0.66%	0.97%	1.27%	1.10%	0.55%	0.30%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	153.10
(-) Cash Dividends Paid (M)	96.73
(=) Cash Retained (M)	56.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.62	19.14	11.48
Cash Retained (M)	56.37	56.37	56.37
(-) Cash Required (M)	-30.62	-19.14	-11.48
(=) Excess Retained (M)	25.75	37.23	44.89
(/) Shares Outstanding (M)	166.25	166.25	166.25
(=) Excess Retained per Share	0.15	0.22	0.27
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.15	0.22	0.27
(=) Adjusted Dividend	0.74	0.81	0.85
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$90.84	$171.64	$183.15
Upside / Downside	150.45%	373.22%	404.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	153.10	163.05	173.65	184.94	196.96	209.76	216.05
Payout Ratio	63.18%	68.55%	73.91%	79.27%	84.64%	90.00%	92.50%
Projected Dividends (M)	96.73	111.77	128.34	146.61	166.70	188.78	199.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.10	105.09	106.07
Year 2 PV (M)	111.34	113.46	115.60
Year 3 PV (M)	118.46	121.86	125.33
Year 4 PV (M)	125.46	130.28	135.25
Year 5 PV (M)	132.34	138.73	145.36
PV of Terminal Value (M)	4,174.81	4,376.46	4,585.82
Equity Value (M)	4,766.51	4,985.88	5,213.43
Shares Outstanding (M)	166.25	166.25	166.25
Fair Value	$28.67	$29.99	$31.36
Upside / Downside	-20.95%	-17.31%	-13.54%

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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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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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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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EST Tools Co., Ltd (300488.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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