DDM Analysis: 600600.SS

Valuation Snapshot

Stable Growth	$277.62 - $492.90	$461.92
Multi-Stage	$78.21 - $85.63	$81.85
Blended Fair Value	$271.88
Current Price	$65.92
Upside	312.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.11%	15.88%	1.47	1.33	0.81	0.56	0.40	0.35	0.32	0.26	0.29	0.33
YoY Growth	-	-	10.68%	63.97%	44.84%	40.10%	13.49%	11.11%	23.65%	-11.67%	-13.04%	-0.99%
Dividend Yield	-	-	1.93%	1.60%	0.67%	0.71%	0.47%	0.77%	0.69%	0.63%	0.88%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,629.45
(-) Cash Dividends Paid (M)	1,557.67
(=) Cash Retained (M)	3,071.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	925.89	578.68	347.21
Cash Retained (M)	3,071.78	3,071.78	3,071.78
(-) Cash Required (M)	-925.89	-578.68	-347.21
(=) Excess Retained (M)	2,145.89	2,493.10	2,724.57
(/) Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
(=) Excess Retained per Share	1.15	1.33	1.46
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	1.15	1.33	1.46
(=) Adjusted Dividend	1.98	2.17	2.29
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$277.62	$461.92	$492.90
Upside / Downside	321.15%	600.72%	647.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,629.45	4,930.36	5,250.83	5,592.14	5,955.63	6,342.74	6,533.03
Payout Ratio	33.65%	44.92%	56.19%	67.46%	78.73%	90.00%	92.50%
Projected Dividends (M)	1,557.67	2,214.60	2,950.35	3,772.39	4,688.83	5,708.47	6,043.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,064.69	2,084.26	2,103.83
Year 2 PV (M)	2,564.44	2,613.29	2,662.59
Year 3 PV (M)	3,057.00	3,144.76	3,234.18
Year 4 PV (M)	3,542.45	3,678.68	3,818.80
Year 5 PV (M)	4,020.85	4,215.06	4,416.70
PV of Terminal Value (M)	130,830.20	137,149.35	143,710.34
Equity Value (M)	146,079.63	152,885.39	159,946.45
Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
Fair Value	$78.21	$81.85	$85.63
Upside / Downside	18.64%	24.16%	29.90%

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

Tsingtao Brewery Company Limited (600600.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener