DDM Analysis: 600060.SS

Valuation Snapshot

Stable Growth	$38.49 - $84.35	$55.28
Multi-Stage	$27.18 - $29.73	$28.43
Blended Fair Value	$41.85
Current Price	$24.12
Upside	73.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.26%	8.63%	0.84	0.69	0.10	0.30	0.15	0.14	0.28	0.43	0.34	0.33
YoY Growth	-	-	21.39%	628.33%	-67.98%	95.04%	9.29%	-49.35%	-36.67%	26.90%	4.62%	-10.96%
Dividend Yield	-	-	3.39%	2.93%	0.48%	2.67%	1.33%	1.49%	2.51%	2.81%	1.89%	1.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,564.41
(-) Cash Dividends Paid (M)	41.40
(=) Cash Retained (M)	2,523.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	512.88	320.55	192.33
Cash Retained (M)	2,523.01	2,523.01	2,523.01
(-) Cash Required (M)	-512.88	-320.55	-192.33
(=) Excess Retained (M)	2,010.13	2,202.46	2,330.68
(/) Shares Outstanding (M)	1,300.16	1,300.16	1,300.16
(=) Excess Retained per Share	1.55	1.69	1.79
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	1.55	1.69	1.79
(=) Adjusted Dividend	1.58	1.73	1.82
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.49	$55.28	$84.35
Upside / Downside	59.57%	129.17%	249.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,564.41	2,731.09	2,908.61	3,097.67	3,299.02	3,513.46	3,618.86
Payout Ratio	1.61%	19.29%	36.97%	54.65%	72.32%	90.00%	92.50%
Projected Dividends (M)	41.40	526.87	1,075.27	1,692.75	2,385.95	3,162.11	3,347.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	475.23	479.73	484.24
Year 2 PV (M)	874.83	891.49	908.31
Year 3 PV (M)	1,242.21	1,277.87	1,314.21
Year 4 PV (M)	1,579.30	1,640.04	1,702.51
Year 5 PV (M)	1,887.92	1,979.10	2,073.78
PV of Terminal Value (M)	29,282.43	30,696.78	32,165.27
Equity Value (M)	35,341.91	36,965.01	38,648.31
Shares Outstanding (M)	1,300.16	1,300.16	1,300.16
Fair Value	$27.18	$28.43	$29.73
Upside / Downside	12.70%	17.87%	23.24%

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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%
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%
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RMD	ResMed Inc.	0.89%	$2.18	22.31%
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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Hisense Visual Technology Co., Ltd. (600060.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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