DDM Analysis: 605567.SS

Valuation Snapshot

Stable Growth	$1.88 - $2.89	$2.35
Multi-Stage	$4.27 - $4.69	$4.47
Blended Fair Value	$3.41
Current Price	$10.07
Upside	-66.13%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-9.09%	0.00%	0.06	0.16	0.10	0.07	0.10	0.09	0.09	0.08	0.00	0.00
YoY Growth	-	-	-63.18%	50.00%	54.52%	-35.28%	12.45%	-0.99%	21.02%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.68%	1.60%	0.66%	0.40%	0.61%	0.54%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.65
(-) Cash Dividends Paid (M)	29.41
(=) Cash Retained (M)	10.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.93	4.96	2.97
Cash Retained (M)	10.25	10.25	10.25
(-) Cash Required (M)	-7.93	-4.96	-2.97
(=) Excess Retained (M)	2.32	5.29	7.27
(/) Shares Outstanding (M)	193.02	193.02	193.02
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.88	$2.35	$2.89
Upside / Downside	-81.35%	-76.68%	-71.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.65	39.25	38.86	38.47	38.09	37.71	38.84
Payout Ratio	74.16%	77.33%	80.50%	83.66%	86.83%	90.00%	92.50%
Projected Dividends (M)	29.41	30.35	31.28	32.19	33.07	33.94	35.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.19	28.48	28.77
Year 2 PV (M)	26.99	27.54	28.10
Year 3 PV (M)	25.79	26.59	27.40
Year 4 PV (M)	24.61	25.63	26.69
Year 5 PV (M)	23.46	24.68	25.95
PV of Terminal Value (M)	694.35	730.50	768.15
Equity Value (M)	823.39	863.43	905.06
Shares Outstanding (M)	193.02	193.02	193.02
Fair Value	$4.27	$4.47	$4.69
Upside / Downside	-57.64%	-55.58%	-53.44%

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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%

Financial Statements

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Springsnow Food Group Co., Ltd. (605567.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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