DDM Analysis: 600406.SS

Valuation Snapshot

Stable Growth	$81.39 - $199.34	$186.81
Multi-Stage	$29.42 - $32.17	$30.77
Blended Fair Value	$108.79
Current Price	$22.96
Upside	373.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.03%	34.95%	0.68	0.33	0.29	0.25	0.18	0.27	0.31	0.32	0.08	0.05
YoY Growth	-	-	104.79%	13.45%	16.53%	43.25%	-35.76%	-12.33%	-1.13%	283.04%	59.75%	51.61%
Dividend Yield	-	-	3.11%	1.36%	1.30%	1.15%	0.97%	2.39%	2.48%	3.24%	0.88%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,992.61
(-) Cash Dividends Paid (M)	4,526.21
(=) Cash Retained (M)	3,466.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,598.52	999.08	599.45
Cash Retained (M)	3,466.41	3,466.41	3,466.41
(-) Cash Required (M)	-1,598.52	-999.08	-599.45
(=) Excess Retained (M)	1,867.89	2,467.33	2,866.96
(/) Shares Outstanding (M)	7,973.93	7,973.93	7,973.93
(=) Excess Retained per Share	0.23	0.31	0.36
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.23	0.31	0.36
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.39	$186.81	$199.34
Upside / Downside	254.50%	713.64%	768.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,992.61	8,512.13	9,065.42	9,654.68	10,282.23	10,950.57	11,279.09
Payout Ratio	56.63%	63.30%	69.98%	76.65%	83.33%	90.00%	92.50%
Projected Dividends (M)	4,526.21	5,388.51	6,343.79	7,400.50	8,567.77	9,855.52	10,433.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,010.27	5,057.77	5,105.26
Year 2 PV (M)	5,484.47	5,588.93	5,694.38
Year 3 PV (M)	5,948.93	6,119.70	6,293.71
Year 4 PV (M)	6,403.81	6,650.09	6,903.39
Year 5 PV (M)	6,849.25	7,180.07	7,523.56
PV of Terminal Value (M)	204,858.46	214,753.20	225,026.63
Equity Value (M)	234,555.20	245,349.76	256,546.93
Shares Outstanding (M)	7,973.93	7,973.93	7,973.93
Fair Value	$29.42	$30.77	$32.17
Upside / Downside	28.12%	34.01%	40.13%

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

Analysis Mode

Ticker

Industry

Sector

NARI Technology Co., Ltd. (600406.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener