DDM Analysis: 603833.SS

Valuation Snapshot

Stable Growth	$657.92 - $775.14	$726.42
Multi-Stage	$238.27 - $261.41	$249.62
Blended Fair Value	$488.02
Current Price	$53.30
Upside	815.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.53%	55.72%	3.00	2.15	2.00	1.37	0.87	0.55	0.68	0.01	0.01	0.19
YoY Growth	-	-	39.55%	7.62%	45.84%	57.87%	58.49%	-20.03%	8,365.02%	-22.10%	-94.65%	442.58%
Dividend Yield	-	-	4.80%	3.14%	1.65%	1.17%	0.55%	0.81%	0.76%	0.01%	0.02%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,400.77
(-) Cash Dividends Paid (M)	114.88
(=) Cash Retained (M)	2,285.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	480.15	300.10	180.06
Cash Retained (M)	2,285.89	2,285.89	2,285.89
(-) Cash Required (M)	-480.15	-300.10	-180.06
(=) Excess Retained (M)	1,805.74	1,985.79	2,105.83
(/) Shares Outstanding (M)	615.96	615.96	615.96
(=) Excess Retained per Share	2.93	3.22	3.42
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	2.93	3.22	3.42
(=) Adjusted Dividend	3.12	3.41	3.61
WACC / Discount Rate	4.70%	4.70%	4.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$657.92	$726.42	$775.14
Upside / Downside	1,134.36%	1,262.88%	1,354.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,400.77	2,556.82	2,723.01	2,900.01	3,088.51	3,289.26	3,387.94
Payout Ratio	4.79%	21.83%	38.87%	55.91%	72.96%	90.00%	92.50%
Projected Dividends (M)	114.88	558.10	1,058.46	1,621.51	2,253.28	2,960.34	3,133.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.70%	4.70%	4.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	528.05	533.06	538.06
Year 2 PV (M)	947.54	965.59	983.81
Year 3 PV (M)	1,373.42	1,412.84	1,453.01
Year 4 PV (M)	1,805.75	1,875.20	1,946.63
Year 5 PV (M)	2,244.63	2,353.04	2,465.61
PV of Terminal Value (M)	139,863.38	146,618.84	153,632.84
Equity Value (M)	146,762.77	153,758.56	161,019.95
Shares Outstanding (M)	615.96	615.96	615.96
Fair Value	$238.27	$249.62	$261.41
Upside / Downside	347.03%	368.34%	390.46%

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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%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
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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%
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Oppein Home Group Inc. (603833.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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