DDM Analysis: 002925.SZ

Valuation Snapshot

Stable Growth	$9.99 - $44.03	$17.41
Multi-Stage	$29.89 - $33.01	$31.42
Blended Fair Value	$24.41
Current Price	$20.09
Upside	21.52%
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	0.51%	43.01%	0.63	0.86	1.08	0.64	0.62	0.62	0.49	0.21	0.09	0.05
YoY Growth	-	-	-26.80%	-19.82%	68.85%	2.19%	1.27%	25.93%	132.86%	144.05%	67.02%	191.81%
Dividend Yield	-	-	4.00%	5.42%	5.17%	2.60%	1.66%	2.31%	1.51%	0.42%	0.45%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.58
(-) Cash Dividends Paid (M)	110.99
(=) Cash Retained (M)	146.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.52	32.20	19.32
Cash Retained (M)	146.59	146.59	146.59
(-) Cash Required (M)	-51.52	-32.20	-19.32
(=) Excess Retained (M)	95.08	114.39	127.27
(/) Shares Outstanding (M)	744.20	744.20	744.20
(=) Excess Retained per Share	0.13	0.15	0.17
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.13	0.15	0.17
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	1.24%	1.24%	1.24%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$9.99	$17.41	$44.03
Upside / Downside	-50.28%	-13.34%	119.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.58	256.31	255.04	253.78	252.53	251.28	258.82
Payout Ratio	43.09%	52.47%	61.85%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	110.99	134.49	157.75	180.78	203.58	226.16	239.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.24%	1.24%	1.24%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	131.51	132.84	134.18
Year 2 PV (M)	150.84	153.92	157.03
Year 3 PV (M)	169.03	174.23	179.54
Year 4 PV (M)	186.14	193.81	201.72
Year 5 PV (M)	202.19	212.67	223.57
PV of Terminal Value (M)	21,404.58	22,513.31	23,667.53
Equity Value (M)	22,244.29	23,380.79	24,563.56
Shares Outstanding (M)	744.20	744.20	744.20
Fair Value	$29.89	$31.42	$33.01
Upside / Downside	48.78%	56.38%	64.29%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
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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Xiamen Intretech Inc. (002925.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener