DDM Analysis: 300525.SZ

Valuation Snapshot

Stable Growth	$7.18 - $15.92	$10.36
Multi-Stage	$5.28 - $5.76	$5.51
Blended Fair Value	$7.93
Current Price	$13.83
Upside	-42.63%
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	26.86%	0.00%	0.20	0.08	0.06	0.05	0.04	0.06	0.02	0.00	0.02	0.00
YoY Growth	-	-	135.60%	47.30%	6.36%	25.79%	-29.25%	201.44%	470,697.39%	-99.98%	20,066.43%	0.00%
Dividend Yield	-	-	1.17%	0.63%	0.29%	0.47%	0.45%	0.61%	0.27%	0.00%	0.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	274.85
(-) Cash Dividends Paid (M)	94.75
(=) Cash Retained (M)	180.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.97	34.36	20.61
Cash Retained (M)	180.10	180.10	180.10
(-) Cash Required (M)	-54.97	-34.36	-20.61
(=) Excess Retained (M)	125.13	145.75	159.49
(/) Shares Outstanding (M)	755.90	755.90	755.90
(=) Excess Retained per Share	0.17	0.19	0.21
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.17	0.19	0.21
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.18	$10.36	$15.92
Upside / Downside	-48.05%	-25.12%	15.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	274.85	292.72	311.74	332.01	353.59	376.57	387.87
Payout Ratio	34.47%	45.58%	56.68%	67.79%	78.89%	90.00%	92.50%
Projected Dividends (M)	94.75	133.41	176.70	225.06	278.96	338.91	358.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	120.39	121.54	122.68
Year 2 PV (M)	143.90	146.64	149.41
Year 3 PV (M)	165.40	170.15	174.99
Year 4 PV (M)	185.01	192.12	199.44
Year 5 PV (M)	202.84	212.63	222.81
PV of Terminal Value (M)	3,170.89	3,324.04	3,483.06
Equity Value (M)	3,988.43	4,167.13	4,352.38
Shares Outstanding (M)	755.90	755.90	755.90
Fair Value	$5.28	$5.51	$5.76
Upside / Downside	-61.85%	-60.14%	-58.37%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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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%
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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%
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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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Fujian Boss Software Corp. (300525.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener