DDM Analysis: 002906.SZ

Valuation Snapshot

Stable Growth	$116.24 - $284.25	$266.39
Multi-Stage	$41.47 - $45.39	$43.39
Blended Fair Value	$154.89
Current Price	$33.86
Upside	357.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	266.50%	-1.01%	0.36	0.27	0.21	0.19	0.09	0.00	0.23	0.22	0.28	0.28
YoY Growth	-	-	32.20%	29.95%	7.54%	116.81%	16,409.01%	-99.76%	1.68%	-19.42%	-2.35%	-29.10%
Dividend Yield	-	-	1.02%	0.97%	0.63%	0.50%	0.32%	0.00%	1.90%	1.01%	1.40%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	748.02
(-) Cash Dividends Paid (M)	291.99
(=) Cash Retained (M)	456.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.60	93.50	56.10
Cash Retained (M)	456.03	456.03	456.03
(-) Cash Required (M)	-149.60	-93.50	-56.10
(=) Excess Retained (M)	306.42	362.53	399.93
(/) Shares Outstanding (M)	523.35	523.35	523.35
(=) Excess Retained per Share	0.59	0.69	0.76
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.59	0.69	0.76
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.24	$266.39	$284.25
Upside / Downside	243.28%	686.73%	739.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	748.02	796.64	848.43	903.57	962.31	1,024.86	1,055.60
Payout Ratio	39.04%	49.23%	59.42%	69.61%	79.81%	90.00%	92.50%
Projected Dividends (M)	291.99	392.17	504.15	629.02	767.99	922.37	976.43

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)	364.65	368.11	371.56
Year 2 PV (M)	435.87	444.17	452.55
Year 3 PV (M)	505.66	520.18	534.97
Year 4 PV (M)	574.05	596.13	618.83
Year 5 PV (M)	641.06	672.03	704.17
PV of Terminal Value (M)	19,182.23	20,108.74	21,070.70
Equity Value (M)	21,703.52	22,709.34	23,752.79
Shares Outstanding (M)	523.35	523.35	523.35
Fair Value	$41.47	$43.39	$45.39
Upside / Downside	22.48%	28.15%	34.04%

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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
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%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
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%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Foryou Corporation (002906.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener