DDM Analysis: 002468.SZ

Valuation Snapshot

Stable Growth	$10.96 - $19.57	$14.58
Multi-Stage	$8.52 - $9.29	$8.90
Blended Fair Value	$11.74
Current Price	$17.90
Upside	-34.42%
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	-27.53%	19.75%	0.11	0.08	0.13	0.10	0.14	0.54	0.20	0.10	0.48	0.53
YoY Growth	-	-	27.66%	-33.65%	31.60%	-32.99%	-73.24%	162.92%	98.20%	-78.53%	-9.65%	2,901.33%
Dividend Yield	-	-	0.91%	0.98%	1.14%	1.30%	1.56%	3.07%	0.82%	0.42%	1.69%	1.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,143.14
(-) Cash Dividends Paid (M)	172.78
(=) Cash Retained (M)	970.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	228.63	142.89	85.74
Cash Retained (M)	970.35	970.35	970.35
(-) Cash Required (M)	-228.63	-142.89	-85.74
(=) Excess Retained (M)	741.73	827.46	884.62
(/) Shares Outstanding (M)	1,498.86	1,498.86	1,498.86
(=) Excess Retained per Share	0.49	0.55	0.59
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.49	0.55	0.59
(=) Adjusted Dividend	0.61	0.67	0.71
WACC / Discount Rate	11.38%	11.38%	11.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.96	$14.58	$19.57
Upside / Downside	-38.79%	-18.56%	9.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,143.14	1,217.44	1,296.57	1,380.85	1,470.61	1,566.20	1,613.18
Payout Ratio	15.11%	30.09%	45.07%	60.05%	75.02%	90.00%	92.50%
Projected Dividends (M)	172.78	366.35	584.35	829.14	1,103.29	1,409.58	1,492.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.38%	11.38%	11.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	325.84	328.93	332.02
Year 2 PV (M)	462.28	471.08	479.97
Year 3 PV (M)	583.41	600.16	617.22
Year 4 PV (M)	690.48	717.03	744.34
Year 5 PV (M)	784.62	822.52	861.87
PV of Terminal Value (M)	9,917.52	10,396.54	10,893.90
Equity Value (M)	12,764.15	13,336.26	13,929.32
Shares Outstanding (M)	1,498.86	1,498.86	1,498.86
Fair Value	$8.52	$8.90	$9.29
Upside / Downside	-52.42%	-50.29%	-48.08%

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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%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
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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%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
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RMD	ResMed Inc.	0.89%	$2.18	22.31%
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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Financial Statements

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STO Express Co., Ltd. (002468.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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