DDM Analysis: 688392.SS

Valuation Snapshot

Stable Growth	$11.83 - $17.75	$14.63
Multi-Stage	$22.89 - $25.20	$24.02
Blended Fair Value	$19.33
Current Price	$96.07
Upside	-79.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.26	0.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-64.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.50%	1.39%	0.00%	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)	159.45
(-) Cash Dividends Paid (M)	41.52
(=) Cash Retained (M)	117.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.89	19.93	11.96
Cash Retained (M)	117.93	117.93	117.93
(-) Cash Required (M)	-31.89	-19.93	-11.96
(=) Excess Retained (M)	86.04	98.00	105.97
(/) Shares Outstanding (M)	112.75	112.75	112.75
(=) Excess Retained per Share	0.76	0.87	0.94
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.76	0.87	0.94
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	7.37%	7.37%	7.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.83	$14.63	$17.75
Upside / Downside	-87.68%	-84.77%	-81.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	159.45	157.85	156.27	154.71	153.16	151.63	156.18
Payout Ratio	26.04%	38.83%	51.62%	64.41%	77.21%	90.00%	92.50%
Projected Dividends (M)	41.52	61.29	80.67	99.66	118.25	136.47	144.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.37%	7.37%	7.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	56.51	57.09	57.66
Year 2 PV (M)	68.57	69.98	71.40
Year 3 PV (M)	78.09	80.51	82.97
Year 4 PV (M)	85.43	88.97	92.62
Year 5 PV (M)	90.90	95.63	100.56
PV of Terminal Value (M)	2,201.48	2,316.11	2,435.48
Equity Value (M)	2,580.98	2,708.29	2,840.69
Shares Outstanding (M)	112.75	112.75	112.75
Fair Value	$22.89	$24.02	$25.20
Upside / Downside	-76.17%	-75.00%	-73.77%

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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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SBT Ultrasonic Technology (688392.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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