DDM Analysis: 000030.SZ

Valuation Snapshot

Stable Growth	$30.70 - $75.05	$70.34
Multi-Stage	$10.96 - $11.99	$11.47
Blended Fair Value	$40.90
Current Price	$5.63
Upside	626.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.22%	11.59%	0.25	0.25	0.30	0.30	0.17	0.15	0.15	0.15	0.11	0.08
YoY Growth	-	-	-1.15%	-14.85%	-0.33%	73.17%	17.13%	-0.48%	-0.46%	32.44%	44.41%	-7.10%
Dividend Yield	-	-	4.31%	4.67%	6.20%	5.50%	2.32%	2.73%	2.77%	2.91%	1.87%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	672.09
(-) Cash Dividends Paid (M)	271.53
(=) Cash Retained (M)	400.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	134.42	84.01	50.41
Cash Retained (M)	400.57	400.57	400.57
(-) Cash Required (M)	-134.42	-84.01	-50.41
(=) Excess Retained (M)	266.15	316.56	350.16
(/) Shares Outstanding (M)	1,780.92	1,780.92	1,780.92
(=) Excess Retained per Share	0.15	0.18	0.20
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.15	0.18	0.20
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.70	$70.34	$75.05
Upside / Downside	445.22%	1,149.30%	1,233.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	672.09	715.78	762.30	811.85	864.62	920.83	948.45
Payout Ratio	40.40%	50.32%	60.24%	70.16%	80.08%	90.00%	92.50%
Projected Dividends (M)	271.53	360.18	459.21	569.60	692.39	828.74	877.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	334.90	338.08	341.25
Year 2 PV (M)	397.02	404.58	412.22
Year 3 PV (M)	457.90	471.04	484.43
Year 4 PV (M)	517.55	537.45	557.92
Year 5 PV (M)	576.00	603.82	632.70
PV of Terminal Value (M)	17,236.19	18,068.71	18,933.09
Equity Value (M)	19,519.56	20,423.68	21,361.61
Shares Outstanding (M)	1,780.92	1,780.92	1,780.92
Fair Value	$10.96	$11.47	$11.99
Upside / Downside	94.68%	103.70%	113.05%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
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ECL	Ecolab Inc.	0.97%	$2.54	36.57%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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FAWER Automotive Parts Limited Company (000030.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener