DDM Analysis: 003023.SZ

Valuation Snapshot

Stable Growth	$16.41 - $39.89	$24.41
Multi-Stage	$20.52 - $22.50	$21.49
Blended Fair Value	$22.95
Current Price	$22.20
Upside	3.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.22%	0.00%	0.40	0.35	0.31	0.31	0.22	0.31	0.28	0.27	0.31	0.00
YoY Growth	-	-	14.87%	12.77%	-1.21%	40.73%	-28.39%	9.83%	5.37%	-13.61%	0.00%	0.00%
Dividend Yield	-	-	2.24%	2.14%	1.50%	1.65%	0.94%	1.18%	1.07%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.84
(-) Cash Dividends Paid (M)	42.43
(=) Cash Retained (M)	39.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.37	10.23	6.14
Cash Retained (M)	39.41	39.41	39.41
(-) Cash Required (M)	-16.37	-10.23	-6.14
(=) Excess Retained (M)	23.04	29.18	33.27
(/) Shares Outstanding (M)	105.33	105.33	105.33
(=) Excess Retained per Share	0.22	0.28	0.32
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.22	0.28	0.32
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	2.54%	3.54%	4.54%
Fair Value	$16.41	$24.41	$39.89
Upside / Downside	-26.07%	9.97%	79.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.84	84.74	87.75	90.86	94.08	97.41	100.33
Payout Ratio	51.85%	59.48%	67.11%	74.74%	82.37%	90.00%	92.50%
Projected Dividends (M)	42.43	50.40	58.88	67.90	77.49	87.67	92.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	2.54%	3.54%	4.54%
Year 1 PV (M)	46.90	47.36	47.82
Year 2 PV (M)	50.99	51.99	53.00
Year 3 PV (M)	54.71	56.33	57.98
Year 4 PV (M)	58.10	60.40	62.77
Year 5 PV (M)	61.17	64.21	67.37
PV of Terminal Value (M)	1,889.41	1,983.35	2,080.99
Equity Value (M)	2,161.28	2,263.63	2,369.92
Shares Outstanding (M)	105.33	105.33	105.33
Fair Value	$20.52	$21.49	$22.50
Upside / Downside	-7.58%	-3.20%	1.35%

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

Chengdu Rainbow Appliance (Group) Shares Co., Ltd. (003023.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener