DDM Analysis: 600829.SS

Valuation Snapshot

Stable Growth	$5.16 - $15.83	$8.24
Multi-Stage	$7.81 - $8.59	$8.20
Blended Fair Value	$8.22
Current Price	$7.89
Upside	4.15%
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	62.49%	4.06%	0.28	0.04	0.05	0.06	0.01	0.02	0.52	0.50	0.01	0.02
YoY Growth	-	-	551.53%	-19.24%	-14.48%	736.81%	-69.92%	-95.26%	3.13%	5,514.48%	-62.89%	-87.09%
Dividend Yield	-	-	3.55%	0.63%	0.77%	0.82%	0.12%	0.35%	6.61%	4.66%	0.06%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.14
(-) Cash Dividends Paid (M)	19.66
(=) Cash Retained (M)	99.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.83	14.89	8.94
Cash Retained (M)	99.48	99.48	99.48
(-) Cash Required (M)	-23.83	-14.89	-8.94
(=) Excess Retained (M)	75.65	84.59	90.55
(/) Shares Outstanding (M)	579.70	579.70	579.70
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	5.31%	5.31%	5.31%
Growth Rate	2.06%	3.06%	4.06%
Fair Value	$5.16	$8.24	$15.83
Upside / Downside	-34.55%	4.43%	100.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.14	122.79	126.54	130.41	134.40	138.51	142.67
Payout Ratio	16.50%	31.20%	45.90%	60.60%	75.30%	90.00%	92.50%
Projected Dividends (M)	19.66	38.31	58.09	79.03	101.20	124.66	131.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.31%	5.31%	5.31%
Growth Rate	2.06%	3.06%	4.06%
Year 1 PV (M)	36.03	36.38	36.73
Year 2 PV (M)	51.37	52.38	53.40
Year 3 PV (M)	65.72	67.67	69.66
Year 4 PV (M)	79.15	82.29	85.53
Year 5 PV (M)	91.68	96.26	101.02
PV of Terminal Value (M)	4,206.11	4,416.25	4,634.71
Equity Value (M)	4,530.05	4,751.24	4,981.06
Shares Outstanding (M)	579.70	579.70	579.70
Fair Value	$7.81	$8.20	$8.59
Upside / Downside	-0.96%	3.88%	8.90%

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TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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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%
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HPGC Renmintongtai Pharmaceutical Corporation (600829.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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