DDM Analysis: 603128.SS

Valuation Snapshot

Stable Growth	$2.75 - $4.19	$3.42
Multi-Stage	$2.35 - $2.56	$2.45
Blended Fair Value	$2.94
Current Price	$5.97
Upside	-50.79%
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	28.50%	25.91%	0.26	0.21	0.23	0.24	0.04	0.07	0.07	0.04	0.04	0.04
YoY Growth	-	-	25.12%	-8.18%	-6.93%	542.20%	-48.98%	13.69%	50.34%	-1.52%	24.40%	36.47%
Dividend Yield	-	-	4.57%	3.00%	2.38%	2.08%	0.29%	1.74%	1.01%	0.76%	0.62%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	373.16
(-) Cash Dividends Paid (M)	117.50
(=) Cash Retained (M)	255.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.63	46.64	27.99
Cash Retained (M)	255.66	255.66	255.66
(-) Cash Required (M)	-74.63	-46.64	-27.99
(=) Excess Retained (M)	181.03	209.01	227.67
(/) Shares Outstanding (M)	1,308.84	1,308.84	1,308.84
(=) Excess Retained per Share	0.14	0.16	0.17
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.14	0.16	0.17
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	14.26%	14.26%	14.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.75	$3.42	$4.19
Upside / Downside	-53.98%	-42.64%	-29.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	373.16	397.41	423.25	450.76	480.06	511.26	526.60
Payout Ratio	31.49%	43.19%	54.89%	66.60%	78.30%	90.00%	92.50%
Projected Dividends (M)	117.50	171.65	232.33	300.18	375.87	460.13	487.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	14.26%	14.26%	14.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	148.82	150.23	151.64
Year 2 PV (M)	174.64	177.96	181.32
Year 3 PV (M)	195.63	201.24	206.96
Year 4 PV (M)	212.37	220.54	228.94
Year 5 PV (M)	225.40	236.29	247.59
PV of Terminal Value (M)	2,119.37	2,221.74	2,328.02
Equity Value (M)	3,076.23	3,208.00	3,344.48
Shares Outstanding (M)	1,308.84	1,308.84	1,308.84
Fair Value	$2.35	$2.45	$2.56
Upside / Downside	-60.63%	-58.94%	-57.20%

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CTS International Logistics Corporation Limited (603128.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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