DDM Analysis: 603313.SS

Valuation Snapshot

Stable Growth	$25.67 - $57.15	$53.56
Multi-Stage	$8.69 - $9.51	$9.09
Blended Fair Value	$31.32
Current Price	$8.99
Upside	248.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.08%	46.52%	0.22	0.27	0.24	0.46	0.13	0.17	0.04	0.51	0.08	0.05
YoY Growth	-	-	-17.09%	11.98%	-47.55%	262.29%	-27.39%	324.61%	-91.97%	540.00%	57.03%	938.91%
Dividend Yield	-	-	3.65%	2.89%	2.24%	3.71%	0.48%	1.27%	0.22%	3.66%	0.40%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162.46
(-) Cash Dividends Paid (M)	97.57
(=) Cash Retained (M)	64.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.49	20.31	12.18
Cash Retained (M)	64.90	64.90	64.90
(-) Cash Required (M)	-32.49	-20.31	-12.18
(=) Excess Retained (M)	32.40	44.59	52.71
(/) Shares Outstanding (M)	565.37	565.37	565.37
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.67	$53.56	$57.15
Upside / Downside	185.59%	495.74%	535.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162.46	173.02	184.27	196.25	209.00	222.59	229.27
Payout Ratio	60.06%	66.04%	72.03%	78.02%	84.01%	90.00%	92.50%
Projected Dividends (M)	97.57	114.27	132.74	153.12	175.59	200.33	212.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.35	107.35	108.36
Year 2 PV (M)	114.96	117.15	119.36
Year 3 PV (M)	123.41	126.96	130.57
Year 4 PV (M)	131.71	136.77	141.98
Year 5 PV (M)	139.84	146.60	153.61
PV of Terminal Value (M)	4,297.68	4,505.26	4,720.79
Equity Value (M)	4,913.95	5,140.09	5,374.67
Shares Outstanding (M)	565.37	565.37	565.37
Fair Value	$8.69	$9.09	$9.51
Upside / Downside	-3.32%	1.13%	5.75%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
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%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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Healthcare Co., Ltd. (603313.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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