DDM Analysis: 601066.SS

Valuation Snapshot

Stable Growth	$75.79 - $245.25	$229.84
Multi-Stage	$32.79 - $35.86	$34.30
Blended Fair Value	$132.07
Current Price	$26.82
Upside	392.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.21%	27.16%	0.97	0.88	0.93	0.80	0.72	0.57	0.58	0.42	0.25	0.15
YoY Growth	-	-	10.67%	-5.23%	16.48%	10.55%	25.97%	-1.77%	39.80%	67.81%	62.32%	73.67%
Dividend Yield	-	-	4.03%	3.95%	3.62%	3.42%	2.26%	1.84%	2.21%	5.34%	3.18%	1.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,014.51
(-) Cash Dividends Paid (M)	4,922.50
(=) Cash Retained (M)	5,092.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,002.90	1,251.81	751.09
Cash Retained (M)	5,092.01	5,092.01	5,092.01
(-) Cash Required (M)	-2,002.90	-1,251.81	-751.09
(=) Excess Retained (M)	3,089.11	3,840.20	4,340.92
(/) Shares Outstanding (M)	8,120.83	8,120.83	8,120.83
(=) Excess Retained per Share	0.38	0.47	0.53
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.38	0.47	0.53
(=) Adjusted Dividend	0.99	1.08	1.14
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$75.79	$229.84	$245.25
Upside / Downside	182.58%	756.96%	814.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,014.51	10,665.45	11,358.71	12,097.02	12,883.33	13,720.75	14,132.37
Payout Ratio	49.15%	57.32%	65.49%	73.66%	81.83%	90.00%	92.50%
Projected Dividends (M)	4,922.50	6,113.75	7,439.07	8,910.84	10,542.52	12,348.67	13,072.44

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)	5,666.84	5,720.56	5,774.27
Year 2 PV (M)	6,391.25	6,512.98	6,635.87
Year 3 PV (M)	7,096.10	7,299.80	7,507.37
Year 4 PV (M)	7,781.78	8,081.05	8,388.86
Year 5 PV (M)	8,448.67	8,856.74	9,280.44
PV of Terminal Value (M)	230,910.42	242,063.48	253,643.39
Equity Value (M)	266,295.06	278,534.61	291,230.20
Shares Outstanding (M)	8,120.83	8,120.83	8,120.83
Fair Value	$32.79	$34.30	$35.86
Upside / Downside	22.27%	27.89%	33.71%

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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%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
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%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
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%
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CSC Financial Co., Ltd. (601066.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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