DDM Analysis: 600927.SS

Valuation Snapshot

Stable Growth	$2.96 - $4.23	$3.58
Multi-Stage	$4.56 - $5.01	$4.78
Blended Fair Value	$4.18
Current Price	$15.15
Upside	-72.40%
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	3.22%	0.00%	0.15	0.00	0.33	0.17	0.00	0.13	0.17	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	94.39%	0.00%	-100.00%	-27.61%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.13%	0.00%	1.95%	0.73%	0.00%	0.48%	0.67%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	630.89
(-) Cash Dividends Paid (M)	109.40
(=) Cash Retained (M)	521.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.18	78.86	47.32
Cash Retained (M)	521.50	521.50	521.50
(-) Cash Required (M)	-126.18	-78.86	-47.32
(=) Excess Retained (M)	395.32	442.64	474.18
(/) Shares Outstanding (M)	1,454.42	1,454.42	1,454.42
(=) Excess Retained per Share	0.27	0.30	0.33
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.27	0.30	0.33
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.96	$3.58	$4.23
Upside / Downside	-80.47%	-76.37%	-72.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	630.89	624.59	618.34	612.16	606.04	599.97	617.97
Payout Ratio	17.34%	31.87%	46.40%	60.94%	75.47%	90.00%	92.50%
Projected Dividends (M)	109.40	199.07	286.93	373.02	457.36	539.98	571.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	179.97	181.80	183.64
Year 2 PV (M)	234.51	239.33	244.18
Year 3 PV (M)	275.62	284.15	292.85
Year 4 PV (M)	305.52	318.18	331.23
Year 5 PV (M)	326.10	343.08	360.76
PV of Terminal Value (M)	5,314.41	5,591.15	5,879.29
Equity Value (M)	6,636.13	6,957.68	7,291.95
Shares Outstanding (M)	1,454.42	1,454.42	1,454.42
Fair Value	$4.56	$4.78	$5.01
Upside / Downside	-69.88%	-68.42%	-66.91%

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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
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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%
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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%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
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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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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Yongan Futures (600927.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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