DDM Analysis: 002732.SZ

Valuation Snapshot

Stable Growth	$6.39 - $11.05	$8.40
Multi-Stage	$8.94 - $9.81	$9.37
Blended Fair Value	$8.88
Current Price	$16.52
Upside	-46.24%
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	3.34%	-3.47%	0.16	0.24	0.23	0.17	0.43	0.14	0.67	0.16	0.26	0.21
YoY Growth	-	-	-30.02%	0.09%	37.43%	-60.60%	210.69%	-79.01%	315.78%	-38.53%	25.00%	-11.10%
Dividend Yield	-	-	1.04%	1.30%	1.18%	0.80%	2.08%	0.67%	3.48%	0.63%	0.80%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.92
(-) Cash Dividends Paid (M)	24.45
(=) Cash Retained (M)	50.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.98	9.37	5.62
Cash Retained (M)	50.48	50.48	50.48
(-) Cash Required (M)	-14.98	-9.37	-5.62
(=) Excess Retained (M)	35.49	41.11	44.86
(/) Shares Outstanding (M)	151.16	151.16	151.16
(=) Excess Retained per Share	0.23	0.27	0.30
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.23	0.27	0.30
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	1.33%	2.33%	3.33%
Fair Value	$6.39	$8.40	$11.05
Upside / Downside	-61.31%	-49.18%	-33.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.92	76.67	78.45	80.28	82.15	84.06	86.58
Payout Ratio	32.63%	44.11%	55.58%	67.05%	78.53%	90.00%	92.50%
Projected Dividends (M)	24.45	33.81	43.60	53.83	64.51	75.65	80.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	1.33%	2.33%	3.33%
Year 1 PV (M)	31.12	31.42	31.73
Year 2 PV (M)	36.92	37.65	38.39
Year 3 PV (M)	41.94	43.19	44.47
Year 4 PV (M)	46.25	48.10	50.01
Year 5 PV (M)	49.91	52.42	55.03
PV of Terminal Value (M)	1,145.47	1,203.12	1,263.07
Equity Value (M)	1,351.60	1,415.91	1,482.70
Shares Outstanding (M)	151.16	151.16	151.16
Fair Value	$8.94	$9.37	$9.81
Upside / Downside	-45.87%	-43.30%	-40.62%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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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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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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Guangdong Yantang Dairy Co., Ltd. (002732.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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