DDM Analysis: 002826.SZ

Valuation Snapshot

Stable Growth	$30.13 - $90.00	$84.33
Multi-Stage	$18.93 - $20.78	$19.84
Blended Fair Value	$52.09
Current Price	$19.30
Upside	169.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.18%	6.34%	0.03	0.11	0.11	0.08	0.04	0.03	0.06	0.06	0.02	0.00
YoY Growth	-	-	-70.24%	2.61%	29.42%	99.09%	34.77%	-50.00%	0.00%	225.28%	356.65%	-76.52%
Dividend Yield	-	-	0.30%	1.23%	0.98%	0.69%	0.46%	0.31%	0.49%	0.32%	0.07%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85.87
(-) Cash Dividends Paid (M)	19.40
(=) Cash Retained (M)	66.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.17	10.73	6.44
Cash Retained (M)	66.47	66.47	66.47
(-) Cash Required (M)	-17.17	-10.73	-6.44
(=) Excess Retained (M)	49.30	55.74	60.03
(/) Shares Outstanding (M)	187.24	187.24	187.24
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$30.13	$84.33	$90.00
Upside / Downside	56.12%	336.95%	366.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85.87	90.23	94.81	99.63	104.68	110.00	113.30
Payout Ratio	22.59%	36.07%	49.55%	63.04%	76.52%	90.00%	92.50%
Projected Dividends (M)	19.40	32.55	46.98	62.80	80.10	99.00	104.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	30.60	30.90	31.19
Year 2 PV (M)	41.54	42.34	43.15
Year 3 PV (M)	52.20	53.72	55.27
Year 4 PV (M)	62.60	65.04	67.56
Year 5 PV (M)	72.75	76.31	80.01
PV of Terminal Value (M)	3,285.48	3,446.39	3,613.53
Equity Value (M)	3,545.18	3,714.70	3,890.71
Shares Outstanding (M)	187.24	187.24	187.24
Fair Value	$18.93	$19.84	$20.78
Upside / Downside	-1.90%	2.79%	7.66%

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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%

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Tibet AIM Pharm. Inc. (002826.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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