DDM Analysis: 603193.SS

Valuation Snapshot

Stable Growth	$7.04 - $10.89	$8.82
Multi-Stage	$16.12 - $17.74	$16.91
Blended Fair Value	$12.87
Current Price	$28.01
Upside	-54.06%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.34	0.00	0.01	0.08	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-88.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.99%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	305.33
(-) Cash Dividends Paid (M)	161.76
(=) Cash Retained (M)	143.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.07	38.17	22.90
Cash Retained (M)	143.56	143.56	143.56
(-) Cash Required (M)	-61.07	-38.17	-22.90
(=) Excess Retained (M)	82.50	105.39	120.66
(/) Shares Outstanding (M)	403.67	403.67	403.67
(=) Excess Retained per Share	0.20	0.26	0.30
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.20	0.26	0.30
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.04	$8.82	$10.89
Upside / Downside	-74.88%	-68.50%	-61.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	305.33	302.27	299.25	296.26	293.29	290.36	299.07
Payout Ratio	52.98%	60.38%	67.79%	75.19%	82.60%	90.00%	92.50%
Projected Dividends (M)	161.76	182.53	202.86	222.76	242.25	261.33	276.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	169.77	171.50	173.24
Year 2 PV (M)	175.50	179.10	182.73
Year 3 PV (M)	179.25	184.79	190.45
Year 4 PV (M)	181.31	188.82	196.57
Year 5 PV (M)	181.92	191.39	201.25
PV of Terminal Value (M)	5,619.41	5,912.03	6,216.71
Equity Value (M)	6,507.15	6,827.63	7,160.95
Shares Outstanding (M)	403.67	403.67	403.67
Fair Value	$16.12	$16.91	$17.74
Upside / Downside	-42.45%	-39.62%	-36.67%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
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TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
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%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
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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AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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Runben Biotechnology (603193.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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