DDM Analysis: 000021.SZ

Valuation Snapshot

Stable Growth	$21.50 - $114.06	$38.84
Multi-Stage	$12.98 - $14.18	$13.57
Blended Fair Value	$26.21
Current Price	$27.87
Upside	-5.97%
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	25.48%	20.06%	0.29	0.13	0.15	0.16	0.06	0.09	0.05	0.05	0.05	0.05
YoY Growth	-	-	125.55%	-13.33%	-6.25%	182.86%	-40.00%	100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.57%	0.92%	0.89%	1.41%	0.29%	0.55%	0.48%	0.54%	0.51%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,024.70
(-) Cash Dividends Paid (M)	369.97
(=) Cash Retained (M)	654.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	204.94	128.09	76.85
Cash Retained (M)	654.72	654.72	654.72
(-) Cash Required (M)	-204.94	-128.09	-76.85
(=) Excess Retained (M)	449.78	526.64	577.87
(/) Shares Outstanding (M)	1,565.00	1,565.00	1,565.00
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.50	$38.84	$114.06
Upside / Downside	-22.87%	39.37%	309.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,024.70	1,091.30	1,162.24	1,237.78	1,318.24	1,403.92	1,446.04
Payout Ratio	36.11%	46.88%	57.66%	68.44%	79.22%	90.00%	92.50%
Projected Dividends (M)	369.97	511.65	670.19	847.17	1,044.32	1,263.53	1,337.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	469.00	473.44	477.89
Year 2 PV (M)	563.10	573.82	584.65
Year 3 PV (M)	652.46	671.19	690.27
Year 4 PV (M)	737.25	765.60	794.76
Year 5 PV (M)	817.63	857.12	898.13
PV of Terminal Value (M)	17,069.41	17,893.86	18,749.88
Equity Value (M)	20,308.84	21,235.04	22,195.58
Shares Outstanding (M)	1,565.00	1,565.00	1,565.00
Fair Value	$12.98	$13.57	$14.18
Upside / Downside	-53.44%	-51.31%	-49.11%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 21 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
GATX	GATX Corporation	1.45%	$2.47	28.36%
SF	Stifel Financial Corp.	1.45%	$1.86	30.82%
0HFN.L	Analog Devices, Inc.	1.44%	$3.90	84.88%
HAYN	Haynes International, Inc.	1.44%	$0.88	30.16%
0I58.L	Cummins Inc.	1.43%	$7.42	38.53%
0HRJ.L	CSX Corporation	1.42%	$0.51	33.32%
OLED	Universal Display Corporation	1.42%	$1.73	37.24%
BBW	Build-A-Bear Workshop, Inc.	1.41%	$0.86	19.50%
LBC	Luther Burbank Corporation	1.41%	$0.13	17.07%
SNDR	Schneider National, Inc.	1.41%	$0.38	58.72%
0R13.L	Church & Dwight Co., Inc.	1.40%	$1.16	36.55%
COHN	Cohen & Company Inc.	1.40%	$0.35	48.05%
HLI	Houlihan Lokey, Inc.	1.40%	$2.48	39.81%
PATK	Patrick Industries, Inc.	1.40%	$1.54	44.05%
CXT	Crane NXT, Co.	1.39%	$0.66	24.82%
ESBA	Empire State Realty OP, L.P.	1.39%	$0.09	49.94%
MMS	Maximus, Inc.	1.39%	$1.21	21.54%
WYNN	Wynn Resorts, Limited	1.39%	$1.70	34.98%
ATEN	A10 Networks, Inc.	1.38%	$0.24	34.61%
HYAC	Haymaker Acquisition Corp. III	1.38%	$0.16	37.41%
ISTR	Investar Holding Corporation	1.38%	$0.36	18.11%
MCY	Mercury General Corporation	1.38%	$1.27	16.00%
ACU	Acme United Corporation	1.37%	$0.55	28.31%
DE	Deere & Company	1.36%	$6.34	34.22%
HYAC-UN	Haymaker Acquisition Corp. 4	1.36%	$0.16	37.41%
RTX	RTX Corporation	1.36%	$2.56	52.52%
0HIN.L	Assurant, Inc.	1.35%	$3.22	19.47%
AL	Air Lease Corporation	1.35%	$0.86	9.51%
BGCP	BGC Partners, Inc.	1.34%	$0.06	11.88%
ESRT	Empire State Realty Trust, Inc.	1.34%	$0.09	49.94%
HUM	Humana Inc.	1.34%	$3.55	33.23%
ZEUS	Olympic Steel, Inc.	1.34%	$0.59	50.16%
0K9L.L	Nucor Corporation	1.33%	$2.22	31.04%
BY	Byline Bancorp, Inc.	1.33%	$0.39	13.97%
LPX	Louisiana-Pacific Corporation	1.33%	$1.09	35.19%
OPOF	Old Point Financial Corporation	1.33%	$0.56	32.91%
WSM	Williams-Sonoma, Inc.	1.33%	$2.50	27.85%
RUSHA	Rush Enterprises, Inc.	1.32%	$0.71	21.15%
VLEOX	Value Line Small Cap Opportunities Fund, Inc. Investor Class	1.32%	$0.79	56.29%
0IW7.L	Global Payments Inc.	1.31%	$1.01	13.82%
APO	Apollo Global Management, Inc.	1.31%	$1.92	27.59%
EMP	Entergy Mississippi, Inc. 1M BD 66	1.31%	$0.27	6.72%
NDSN	Nordson Corporation	1.31%	$3.15	36.67%
ROK	Rockwell Automation, Inc.	1.31%	$5.23	68.01%
UMBF	UMB Financial Corporation	1.31%	$1.52	18.87%
0L3I.L	The Charles Schwab Corporation	1.30%	$1.29	28.42%
0R2X.L	Corning Incorporated	1.30%	$1.15	72.69%
EBAY	eBay Inc.	1.30%	$1.13	24.20%
GGG	Graco Inc.	1.30%	$1.07	36.31%
HES	Hess Corporation	1.30%	$1.94	26.90%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Shenzhen Kaifa Technology Co., Ltd. (000021.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener