DDM Analysis: 000960.SZ

Valuation Snapshot

Stable Growth	$13.20 - $21.89	$17.04
Multi-Stage	$21.76 - $23.89	$22.80
Blended Fair Value	$19.92
Current Price	$23.14
Upside	-13.90%
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	5.21%	-0.92%	0.51	0.12	0.11	0.47	0.41	0.39	0.45	0.35	0.37	0.41
YoY Growth	-	-	329.42%	9.09%	-77.11%	16.83%	2.93%	-12.82%	30.29%	-6.19%	-9.17%	-26.96%
Dividend Yield	-	-	3.33%	0.78%	0.73%	2.26%	3.29%	4.77%	3.45%	2.57%	2.81%	3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,906.16
(-) Cash Dividends Paid (M)	724.71
(=) Cash Retained (M)	1,181.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	381.23	238.27	142.96
Cash Retained (M)	1,181.45	1,181.45	1,181.45
(-) Cash Required (M)	-381.23	-238.27	-142.96
(=) Excess Retained (M)	800.22	943.18	1,038.49
(/) Shares Outstanding (M)	1,671.13	1,671.13	1,671.13
(=) Excess Retained per Share	0.48	0.56	0.62
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.48	0.56	0.62
(=) Adjusted Dividend	0.91	1.00	1.06
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	0.26%	1.26%	2.26%
Fair Value	$13.20	$17.04	$21.89
Upside / Downside	-42.95%	-26.35%	-5.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,906.16	1,930.14	1,954.42	1,979.01	2,003.90	2,029.11	2,089.99
Payout Ratio	38.02%	48.42%	58.81%	69.21%	79.60%	90.00%	92.50%
Projected Dividends (M)	724.71	934.48	1,149.43	1,369.63	1,595.18	1,826.20	1,933.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	0.26%	1.26%	2.26%
Year 1 PV (M)	863.21	871.82	880.43
Year 2 PV (M)	980.77	1,000.44	1,020.30
Year 3 PV (M)	1,079.53	1,112.16	1,145.43
Year 4 PV (M)	1,161.42	1,208.45	1,256.90
Year 5 PV (M)	1,228.20	1,290.69	1,355.69
PV of Terminal Value (M)	31,047.02	32,626.58	34,269.77
Equity Value (M)	36,360.16	38,110.13	39,928.53
Shares Outstanding (M)	1,671.13	1,671.13	1,671.13
Fair Value	$21.76	$22.80	$23.89
Upside / Downside	-5.97%	-1.45%	3.25%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 15 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
0R28.L	Newmont Corporation	2.49%	$1.01	15.53%
ETR	Entergy Corporation	2.49%	$2.34	57.35%
NKE	NIKE, Inc.	2.49%	$1.58	80.59%
OTTR	Otter Tail Corporation	2.49%	$2.03	30.69%
FHN	First Horizon Corporation	2.48%	$0.60	34.42%
PWP	Perella Weinberg Partners	2.48%	$0.44	69.65%
SCS	Steelcase Inc.	2.48%	$0.40	50.05%
PBI	Pitney Bowes Inc.	2.46%	$0.25	61.37%
RBCAA	Republic Bancorp, Inc.	2.45%	$1.67	25.85%
SRCE	1st Source Corporation	2.45%	$1.53	25.20%
TRMK	Trustmark Corporation	2.45%	$0.96	26.11%
VOYA	Voya Financial, Inc.	2.45%	$1.86	29.46%
AWK	American Water Works Company, Inc.	2.44%	$3.18	55.85%
LSTR	Landstar System, Inc.	2.44%	$3.58	90.21%
NGL	NGL Energy Partners LP	2.44%	$0.24	24.52%
TCFC	The Community Financial Corporation	2.44%	$0.66	12.72%
CADE	Cadence Bank	2.43%	$1.05	37.49%
JNJ	Johnson & Johnson	2.43%	$5.04	48.70%
MBCN	Middlefield Banc Corp.	2.43%	$0.83	42.36%
0L7G.L	Snap-on Incorporated	2.42%	$8.43	44.15%
ITW	Illinois Tool Works Inc.	2.42%	$6.04	58.20%
MOFG	MidWestOne Financial Group, Inc.	2.40%	$0.92	32.44%
FFIN	First Financial Bankshares, Inc.	2.39%	$0.72	42.45%
ADP	Automatic Data Processing, Inc.	2.38%	$6.03	59.30%
CAL	Caleres, Inc.	2.38%	$0.29	46.21%
ABM	ABM Industries Incorporated	2.37%	$1.01	54.79%
FUNC	First United Corporation	2.36%	$0.88	22.87%
HON	Honeywell International Inc.	2.36%	$4.63	48.21%
RILYK	B. Riley Financial, Inc. 5.50% Senior Notes Due 2026	2.36%	$0.58	56.91%
CDW	CDW Corporation	2.35%	$3.14	39.31%
CHMG	Chemung Financial Corporation	2.35%	$1.28	46.47%
LZB	La-Z-Boy Incorporated	2.35%	$0.88	40.20%
PKG	Packaging Corporation of America	2.35%	$4.97	50.31%
UNP	Union Pacific Corporation	2.35%	$5.44	45.77%
0K91.L	Northern Trust Corporation	2.34%	$3.20	35.68%
MCD	McDonald's Corporation	2.33%	$7.07	60.14%
MGEE	MGE Energy, Inc.	2.32%	$1.82	49.49%
MZTI	The Marzetti Company	2.32%	$3.82	61.80%
UNM	Unum Group	2.32%	$1.79	33.52%
RILYM	B. Riley Financial, Inc. - 6.37	2.31%	$0.58	56.91%
RILYO	B. Riley Financial, Inc. - 6.75	2.31%	$0.58	56.91%
HONIV	Honeywell International Inc. Common Stock Ex Distribution When Issued	2.30%	$4.63	48.21%
PGR	The Progressive Corporation	2.30%	$4.88	26.80%
WNEB	Western New England Bancorp, Inc.	2.30%	$0.28	43.00%
0R23.L	Halliburton Company	2.29%	$0.68	44.61%
ADS	Bread Financial Holdings, Inc.	2.29%	$1.30	21.08%
HLNE	Hamilton Lane Incorporated	2.29%	$3.13	74.09%
BSVN	Bank7 Corp.	2.28%	$0.94	20.81%
MCBC	Macatawa Bank Corporation	2.28%	$0.34	28.37%
BRKL	Brookline Bancorp, Inc.	2.27%	$0.54	61.06%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Yunnan Tin Company Limited (000960.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener