DDM Analysis: 600822.SS

Valuation Snapshot

Stable Growth	$0.17 - $0.22	$0.20
Multi-Stage	$0.33 - $0.37	$0.35
Blended Fair Value	$0.27
Current Price	$11.08
Upside	-97.53%
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	-7.57%	-36.59%	0.01	0.00	0.01	0.01	0.02	0.01	0.02	0.05	0.00	0.42
YoY Growth	-	-	74.09%	-56.79%	-33.27%	-35.63%	108.85%	-53.55%	-51.33%	0.00%	-100.00%	-37.56%
Dividend Yield	-	-	0.08%	0.04%	0.11%	0.16%	0.22%	0.12%	0.20%	0.38%	0.00%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.48
(-) Cash Dividends Paid (M)	2.50
(=) Cash Retained (M)	21.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.90	3.06	1.84
Cash Retained (M)	21.98	21.98	21.98
(-) Cash Required (M)	-4.90	-3.06	-1.84
(=) Excess Retained (M)	17.09	18.92	20.15
(/) Shares Outstanding (M)	495.86	495.86	495.86
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.04	0.04	0.05
WACC / Discount Rate	9.40%	9.40%	9.40%
Growth Rate	-11.15%	-10.15%	-9.15%
Fair Value	$0.17	$0.20	$0.22
Upside / Downside	-98.46%	-98.21%	-97.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.48	22.00	19.77	17.76	15.96	14.34	14.77
Payout Ratio	10.21%	26.17%	42.13%	58.08%	74.04%	90.00%	92.50%
Projected Dividends (M)	2.50	5.76	8.33	10.32	11.82	12.90	13.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.40%	9.40%	9.40%
Growth Rate	-11.15%	-10.15%	-9.15%
Year 1 PV (M)	5.20	5.26	5.32
Year 2 PV (M)	6.80	6.96	7.11
Year 3 PV (M)	7.62	7.88	8.14
Year 4 PV (M)	7.89	8.25	8.62
Year 5 PV (M)	7.79	8.23	8.70
PV of Terminal Value (M)	128.73	136.14	143.89
Equity Value (M)	164.03	172.72	181.79
Shares Outstanding (M)	495.86	495.86	495.86
Fair Value	$0.33	$0.35	$0.37
Upside / Downside	-97.01%	-96.86%	-96.69%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 14 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Shanghai Material Trading Co., Ltd. (600822.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener