DDM Analysis: 603106.SS

Valuation Snapshot

Stable Growth	$1.43 - $2.12	$1.76
Multi-Stage	$2.60 - $2.86	$2.73
Blended Fair Value	$2.24
Current Price	$10.23
Upside	-78.07%
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	0.00%	0.00%	0.00	0.00	0.00	0.05	0.00	0.04	0.01	0.02	0.02	0.03
YoY Growth	-	-	-100.00%	13.10%	-97.10%	0.00%	-100.00%	163.87%	-29.27%	-21.92%	-16.11%	-42.50%
Dividend Yield	-	-	0.00%	0.02%	0.02%	0.69%	0.00%	0.67%	0.15%	0.16%	0.29%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.73
(-) Cash Dividends Paid (M)	15.62
(=) Cash Retained (M)	78.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.75	11.72	7.03
Cash Retained (M)	78.11	78.11	78.11
(-) Cash Required (M)	-18.75	-11.72	-7.03
(=) Excess Retained (M)	59.37	66.40	71.08
(/) Shares Outstanding (M)	527.64	527.64	527.64
(=) Excess Retained per Share	0.11	0.13	0.13
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.11	0.13	0.13
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.43	$1.76	$2.12
Upside / Downside	-86.05%	-82.83%	-79.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.73	92.79	91.86	90.94	90.03	89.13	91.81
Payout Ratio	16.66%	31.33%	46.00%	60.66%	75.33%	90.00%	92.50%
Projected Dividends (M)	15.62	29.07	42.25	55.17	67.82	80.22	84.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	26.70	26.98	27.25
Year 2 PV (M)	35.66	36.39	37.13
Year 3 PV (M)	42.77	44.09	45.44
Year 4 PV (M)	48.30	50.30	52.36
Year 5 PV (M)	52.47	55.21	58.05
PV of Terminal Value (M)	1,166.91	1,227.67	1,290.94
Equity Value (M)	1,372.80	1,440.63	1,511.16
Shares Outstanding (M)	527.64	527.64	527.64
Fair Value	$2.60	$2.73	$2.86
Upside / Downside	-74.57%	-73.31%	-72.00%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Cashway Fintech Co.,Ltd. (603106.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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