DDM Analysis: 688819.SS

Valuation Snapshot

Stable Growth	$26.27 - $54.51	$37.00
Multi-Stage	$36.71 - $40.28	$38.46
Blended Fair Value	$37.73
Current Price	$32.70
Upside	15.39%
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	-12.86%	11.06%	0.92	0.81	0.83	0.60	0.97	1.84	1.15	0.31	0.56	0.42
YoY Growth	-	-	14.31%	-2.44%	38.00%	-38.34%	-47.04%	60.13%	265.99%	-43.59%	33.16%	29.01%
Dividend Yield	-	-	3.34%	2.72%	2.40%	1.86%	2.08%	2.99%	1.87%	0.51%	0.90%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,450.15
(-) Cash Dividends Paid (M)	587.29
(=) Cash Retained (M)	862.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.03	181.27	108.76
Cash Retained (M)	862.85	862.85	862.85
(-) Cash Required (M)	-290.03	-181.27	-108.76
(=) Excess Retained (M)	572.82	681.58	754.09
(/) Shares Outstanding (M)	972.03	972.03	972.03
(=) Excess Retained per Share	0.59	0.70	0.78
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.59	0.70	0.78
(=) Adjusted Dividend	1.19	1.31	1.38
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.91%	2.91%	3.91%
Fair Value	$26.27	$37.00	$54.51
Upside / Downside	-19.67%	13.16%	66.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,450.15	1,492.31	1,535.69	1,580.34	1,626.29	1,673.57	1,723.77
Payout Ratio	40.50%	50.40%	60.30%	70.20%	80.10%	90.00%	92.50%
Projected Dividends (M)	587.29	752.11	926.01	1,109.39	1,302.65	1,506.21	1,594.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.91%	2.91%	3.91%
Year 1 PV (M)	699.10	705.96	712.82
Year 2 PV (M)	800.07	815.85	831.78
Year 3 PV (M)	890.95	917.44	944.44
Year 4 PV (M)	972.42	1,011.15	1,051.03
Year 5 PV (M)	1,045.12	1,097.41	1,151.78
PV of Terminal Value (M)	31,274.37	32,839.23	34,466.12
Equity Value (M)	35,682.02	37,387.04	39,157.97
Shares Outstanding (M)	972.03	972.03	972.03
Fair Value	$36.71	$38.46	$40.28
Upside / Downside	12.26%	17.62%	23.19%

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

Tianneng Battery Group Co., Ltd. (688819.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener