DDM Analysis: 300488.SZ

Valuation Snapshot

Stable Growth	$90.88 - $183.15	$171.64
Multi-Stage	$28.67 - $31.36	$29.99
Blended Fair Value	$100.82
Current Price	$36.27
Upside	177.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.67%	13.01%	0.57	0.15	0.19	0.17	0.14	0.20	0.18	0.10	0.08	0.05
YoY Growth	-	-	276.13%	-21.18%	12.27%	17.82%	-26.22%	8.95%	72.49%	26.95%	61.55%	-69.53%
Dividend Yield	-	-	1.53%	0.65%	0.83%	0.66%	0.97%	1.27%	1.10%	0.55%	0.30%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	153.10
(-) Cash Dividends Paid (M)	96.73
(=) Cash Retained (M)	56.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.62	19.14	11.48
Cash Retained (M)	56.37	56.37	56.37
(-) Cash Required (M)	-30.62	-19.14	-11.48
(=) Excess Retained (M)	25.75	37.23	44.89
(/) Shares Outstanding (M)	166.25	166.25	166.25
(=) Excess Retained per Share	0.15	0.22	0.27
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.15	0.22	0.27
(=) Adjusted Dividend	0.74	0.81	0.85
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$90.88	$171.64	$183.15
Upside / Downside	150.56%	373.22%	404.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	153.10	163.05	173.65	184.94	196.96	209.76	216.05
Payout Ratio	63.18%	68.55%	73.91%	79.27%	84.64%	90.00%	92.50%
Projected Dividends (M)	96.73	111.77	128.34	146.61	166.70	188.78	199.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.10	105.09	106.07
Year 2 PV (M)	111.34	113.46	115.60
Year 3 PV (M)	118.46	121.86	125.33
Year 4 PV (M)	125.46	130.29	135.25
Year 5 PV (M)	132.34	138.73	145.37
PV of Terminal Value (M)	4,175.34	4,377.01	4,586.40
Equity Value (M)	4,767.04	4,986.44	5,214.02
Shares Outstanding (M)	166.25	166.25	166.25
Fair Value	$28.67	$29.99	$31.36
Upside / Downside	-20.94%	-17.30%	-13.53%

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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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EST Tools Co., Ltd (300488.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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