DDM Analysis: 000429.SZ

Valuation Snapshot

Stable Growth	$5.83 - $8.40	$7.08
Multi-Stage	$11.62 - $12.81	$12.20
Blended Fair Value	$9.64
Current Price	$10.89
Upside	-11.47%
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	-3.24%	11.07%	0.66	0.55	0.68	0.43	0.57	0.78	0.64	0.47	0.27	0.28
YoY Growth	-	-	20.17%	-19.44%	57.63%	-24.51%	-26.39%	22.39%	34.65%	77.68%	-5.81%	22.16%
Dividend Yield	-	-	4.66%	5.52%	9.04%	5.45%	7.64%	11.52%	6.99%	5.93%	3.53%	5.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,750.89
(-) Cash Dividends Paid (M)	171.95
(=) Cash Retained (M)	1,578.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	350.18	218.86	131.32
Cash Retained (M)	1,578.94	1,578.94	1,578.94
(-) Cash Required (M)	-350.18	-218.86	-131.32
(=) Excess Retained (M)	1,228.76	1,360.08	1,447.62
(/) Shares Outstanding (M)	2,105.86	2,105.86	2,105.86
(=) Excess Retained per Share	0.58	0.65	0.69
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.58	0.65	0.69
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	-3.40%	-2.40%	-1.40%
Fair Value	$5.83	$7.08	$8.40
Upside / Downside	-46.50%	-34.98%	-22.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,750.89	1,708.93	1,667.97	1,628.00	1,588.98	1,550.90	1,597.43
Payout Ratio	9.82%	25.86%	41.89%	57.93%	73.96%	90.00%	92.50%
Projected Dividends (M)	171.95	441.87	698.76	943.07	1,175.28	1,395.81	1,477.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	-3.40%	-2.40%	-1.40%
Year 1 PV (M)	406.33	410.54	414.75
Year 2 PV (M)	590.88	603.17	615.59
Year 3 PV (M)	733.33	756.34	779.83
Year 4 PV (M)	840.39	875.73	912.17
Year 5 PV (M)	917.81	966.30	1,016.83
PV of Terminal Value (M)	20,974.52	22,082.82	23,237.50
Equity Value (M)	24,463.25	25,694.91	26,976.67
Shares Outstanding (M)	2,105.86	2,105.86	2,105.86
Fair Value	$11.62	$12.20	$12.81
Upside / Downside	6.67%	12.04%	17.63%

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

Guangdong Provincial Expressway Development Co., Ltd. (000429.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener