DDM Analysis: 200771.SZ

Valuation Snapshot

Stable Growth	$36.62 - $89.69	$84.05
Multi-Stage	$13.26 - $14.50	$13.87
Blended Fair Value	$48.96
Current Price	$10.20
Upside	379.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.54%	13.80%	0.55	0.28	0.29	0.17	0.14	0.14	0.04	0.01	0.01	0.07
YoY Growth	-	-	94.72%	-1.81%	64.56%	22.56%	-1.70%	224.11%	471.32%	-5.05%	-87.87%	-54.95%
Dividend Yield	-	-	5.56%	4.35%	3.50%	2.26%	2.22%	3.30%	1.00%	0.20%	0.18%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	501.51
(-) Cash Dividends Paid (M)	296.81
(=) Cash Retained (M)	204.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.30	62.69	37.61
Cash Retained (M)	204.71	204.71	204.71
(-) Cash Required (M)	-100.30	-62.69	-37.61
(=) Excess Retained (M)	104.41	142.02	167.09
(/) Shares Outstanding (M)	1,112.04	1,112.04	1,112.04
(=) Excess Retained per Share	0.09	0.13	0.15
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.09	0.13	0.15
(=) Adjusted Dividend	0.36	0.39	0.42
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.62	$84.05	$89.69
Upside / Downside	259.03%	724.04%	779.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	501.51	534.11	568.83	605.80	645.18	687.12	707.73
Payout Ratio	59.18%	65.35%	71.51%	77.67%	83.84%	90.00%	92.50%
Projected Dividends (M)	296.81	349.02	406.77	470.54	540.90	618.41	654.65

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)	324.52	327.60	330.67
Year 2 PV (M)	351.67	358.36	365.12
Year 3 PV (M)	378.25	389.11	400.17
Year 4 PV (M)	404.28	419.83	435.82
Year 5 PV (M)	429.77	450.53	472.08
PV of Terminal Value (M)	12,854.22	13,475.08	14,119.71
Equity Value (M)	14,742.71	15,420.51	16,123.58
Shares Outstanding (M)	1,112.04	1,112.04	1,112.04
Fair Value	$13.26	$13.87	$14.50
Upside / Downside	29.97%	35.95%	42.15%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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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%
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Hangzhou Steam Turbine Co., Ltd. (200771.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener