DDM Analysis: 600927.SS

Valuation Snapshot

Stable Growth	$3.83 - $5.83	$4.77
Multi-Stage	$7.89 - $8.69	$8.28
Blended Fair Value	$6.52
Current Price	$15.15
Upside	-56.94%
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	3.22%	0.00%	0.15	0.00	0.33	0.17	0.00	0.13	0.17	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	94.39%	0.00%	-100.00%	-27.61%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.13%	0.00%	1.95%	0.73%	0.00%	0.48%	0.67%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	630.89
(-) Cash Dividends Paid (M)	109.40
(=) Cash Retained (M)	521.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.18	78.86	47.32
Cash Retained (M)	521.50	521.50	521.50
(-) Cash Required (M)	-126.18	-78.86	-47.32
(=) Excess Retained (M)	395.32	442.64	474.18
(/) Shares Outstanding (M)	1,454.42	1,454.42	1,454.42
(=) Excess Retained per Share	0.27	0.30	0.33
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.27	0.30	0.33
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.83	$4.77	$5.83
Upside / Downside	-74.72%	-68.53%	-61.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	630.89	624.59	618.34	612.16	606.04	599.97	617.97
Payout Ratio	17.34%	31.87%	46.40%	60.94%	75.47%	90.00%	92.50%
Projected Dividends (M)	109.40	199.07	286.93	373.02	457.36	539.98	571.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	184.37	186.25	188.13
Year 2 PV (M)	246.13	251.18	256.28
Year 3 PV (M)	296.35	305.52	314.87
Year 4 PV (M)	336.53	350.47	364.85
Year 5 PV (M)	367.98	387.14	407.09
PV of Terminal Value (M)	10,036.94	10,559.59	11,103.78
Equity Value (M)	11,468.30	12,040.15	12,635.01
Shares Outstanding (M)	1,454.42	1,454.42	1,454.42
Fair Value	$7.89	$8.28	$8.69
Upside / Downside	-47.95%	-45.36%	-42.66%

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MMC	Marsh & McLennan Companies, Inc.	1.90%	$3.47	41.48%
THO	Thor Industries, Inc.	1.90%	$2.00	37.63%
TRGP	Targa Resources Corp.	1.90%	$3.55	46.50%
TTC	The Toro Company	1.90%	$1.52	45.26%
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FDX	FedEx Corporation	1.89%	$5.54	32.63%
ALL	The Allstate Corporation	1.87%	$3.81	12.13%
BERY	Berry Global Group, Inc.	1.87%	$1.26	24.23%
NHC	National HealthCare Corporation	1.87%	$2.44	37.72%
PRDO	Perdoceo Education Corporation	1.87%	$0.54	23.03%
ABT	Abbott Laboratories	1.86%	$2.31	28.93%
TNET	TriNet Group, Inc.	1.86%	$1.06	38.35%
BTMD	biote Corp.	1.85%	$0.05	5.82%
WDFC	WD-40 Company	1.85%	$3.65	54.36%
AMTB	Amerant Bancorp Inc.	1.84%	$0.36	22.80%
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OTIS	Otis Worldwide Corporation	1.84%	$1.63	47.44%
WS	Worthington Steel, Inc.	1.84%	$0.65	26.98%
KBH	KB Home	1.83%	$1.05	13.68%
WRB	W. R. Berkley Corporation	1.83%	$1.27	26.69%
PIPR	Piper Sandler Companies	1.82%	$6.36	47.91%
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Yongan Futures (600927.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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