DDM Analysis: 002899.SZ

Valuation Snapshot

Stable Growth	$11.12 - $26.03	$16.34
Multi-Stage	$10.45 - $11.44	$10.94
Blended Fair Value	$13.64
Current Price	$22.88
Upside	-40.40%
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	30.58%	-2.81%	0.30	0.27	0.19	0.10	0.00	0.08	0.06	0.06	0.11	0.12
YoY Growth	-	-	8.34%	47.05%	93.34%	66,120.84%	-99.81%	21.74%	-0.02%	-43.34%	-5.06%	-69.74%
Dividend Yield	-	-	1.35%	1.88%	1.37%	0.68%	0.00%	0.62%	0.39%	0.26%	0.49%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.56
(-) Cash Dividends Paid (M)	28.69
(=) Cash Retained (M)	43.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.51	9.07	5.44
Cash Retained (M)	43.87	43.87	43.87
(-) Cash Required (M)	-14.51	-9.07	-5.44
(=) Excess Retained (M)	29.36	34.80	38.43
(/) Shares Outstanding (M)	134.52	134.52	134.52
(=) Excess Retained per Share	0.22	0.26	0.29
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.22	0.26	0.29
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$11.12	$16.34	$26.03
Upside / Downside	-51.40%	-28.60%	13.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.56	76.04	79.69	83.52	87.54	91.74	94.49
Payout Ratio	39.54%	49.63%	59.72%	69.82%	79.91%	90.00%	92.50%
Projected Dividends (M)	28.69	37.74	47.60	58.31	69.95	82.57	87.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	34.66	35.00	35.33
Year 2 PV (M)	40.16	40.93	41.72
Year 3 PV (M)	45.19	46.51	47.85
Year 4 PV (M)	49.79	51.73	53.74
Year 5 PV (M)	53.98	56.63	59.39
PV of Terminal Value (M)	1,182.60	1,240.68	1,301.01
Equity Value (M)	1,406.38	1,471.48	1,539.03
Shares Outstanding (M)	134.52	134.52	134.52
Fair Value	$10.45	$10.94	$11.44
Upside / Downside	-54.31%	-52.19%	-50.00%

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

Impulse (Qingdao) Health Tech Co.,Ltd. (002899.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener