DDM Analysis: 002767.SZ

Valuation Snapshot

Stable Growth	$4.58 - $9.52	$6.45
Multi-Stage	$3.37 - $3.69	$3.53
Blended Fair Value	$4.99
Current Price	$19.08
Upside	-73.85%
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	-12.36%	-22.81%	0.02	0.00	0.03	0.03	0.04	0.03	0.06	0.08	0.07	0.32
YoY Growth	-	-	11,268.32%	-99.48%	-3.57%	-20.00%	12.90%	-44.64%	-30.00%	20.00%	-79.15%	49.90%
Dividend Yield	-	-	0.10%	0.00%	0.20%	0.26%	0.35%	0.27%	0.34%	0.44%	0.17%	1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.53
(-) Cash Dividends Paid (M)	0.20
(=) Cash Retained (M)	37.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.51	4.69	2.81
Cash Retained (M)	37.33	37.33	37.33
(-) Cash Required (M)	-7.51	-4.69	-2.81
(=) Excess Retained (M)	29.82	32.64	34.52
(/) Shares Outstanding (M)	149.66	149.66	149.66
(=) Excess Retained per Share	0.20	0.22	0.23
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.20	0.22	0.23
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	5.30%	6.30%	7.30%
Fair Value	$4.58	$6.45	$9.52
Upside / Downside	-76.01%	-66.18%	-50.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.53	39.90	42.41	45.08	47.92	50.94	52.47
Payout Ratio	0.54%	18.43%	36.32%	54.21%	72.11%	90.00%	92.50%
Projected Dividends (M)	0.20	7.35	15.40	24.44	34.56	45.85	48.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	5.30%	6.30%	7.30%
Year 1 PV (M)	6.63	6.69	6.75
Year 2 PV (M)	12.51	12.75	12.99
Year 3 PV (M)	17.89	18.41	18.93
Year 4 PV (M)	22.80	23.67	24.58
Year 5 PV (M)	27.26	28.58	29.95
PV of Terminal Value (M)	417.28	437.48	458.44
Equity Value (M)	504.37	527.57	551.64
Shares Outstanding (M)	149.66	149.66	149.66
Fair Value	$3.37	$3.53	$3.69
Upside / Downside	-82.34%	-81.52%	-80.68%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
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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%
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Hangzhou Innover Technology Co., Ltd. (002767.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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