DDM Analysis: 603609.SS

Valuation Snapshot

Stable Growth	$2.67 - $4.67	$3.52
Multi-Stage	$5.09 - $5.59	$5.34
Blended Fair Value	$4.43
Current Price	$7.98
Upside	-44.50%
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	-17.42%	2.17%	0.11	0.24	0.13	0.33	0.31	0.28	0.17	0.16	0.14	0.08
YoY Growth	-	-	-53.95%	82.58%	-61.18%	6.62%	10.39%	67.31%	2.85%	18.12%	72.67%	-8.07%
Dividend Yield	-	-	1.41%	3.24%	1.08%	3.47%	2.60%	2.22%	1.54%	1.76%	1.16%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	182.45
(-) Cash Dividends Paid (M)	137.27
(=) Cash Retained (M)	45.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.49	22.81	13.68
Cash Retained (M)	45.19	45.19	45.19
(-) Cash Required (M)	-36.49	-22.81	-13.68
(=) Excess Retained (M)	8.70	22.38	31.50
(/) Shares Outstanding (M)	892.40	892.40	892.40
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.17%	1.17%	2.17%
Fair Value	$2.67	$3.52	$4.67
Upside / Downside	-66.55%	-55.86%	-41.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	182.45	184.59	186.75	188.93	191.14	193.38	199.18
Payout Ratio	75.23%	78.19%	81.14%	84.09%	87.05%	90.00%	92.50%
Projected Dividends (M)	137.27	144.32	151.53	158.88	166.38	174.04	184.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.17%	1.17%	2.17%
Year 1 PV (M)	134.42	135.76	137.10
Year 2 PV (M)	131.44	134.08	136.74
Year 3 PV (M)	128.36	132.24	136.20
Year 4 PV (M)	125.19	130.27	135.49
Year 5 PV (M)	121.96	128.18	134.64
PV of Terminal Value (M)	3,901.82	4,100.51	4,307.21
Equity Value (M)	4,543.19	4,761.02	4,987.38
Shares Outstanding (M)	892.40	892.40	892.40
Fair Value	$5.09	$5.34	$5.59
Upside / Downside	-36.20%	-33.14%	-29.97%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
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%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
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%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
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%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
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%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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Wellhope Foods Co., Ltd. (603609.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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