DDM Analysis: 000099.SZ

Valuation Snapshot

Stable Growth	$2.85 - $3.96	$3.41
Multi-Stage	$2.90 - $3.15	$3.02
Blended Fair Value	$3.21
Current Price	$22.15
Upside	-85.49%
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	-0.93%	-1.39%	0.08	0.08	0.10	0.09	0.09	0.09	0.08	0.06	0.11	0.12
YoY Growth	-	-	9.27%	-23.28%	10.01%	-0.47%	3.96%	4.90%	49.19%	-51.52%	-1.35%	21.76%
Dividend Yield	-	-	0.35%	0.44%	1.27%	1.30%	1.26%	1.43%	1.01%	0.64%	0.96%	0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	352.99
(-) Cash Dividends Paid (M)	97.05
(=) Cash Retained (M)	255.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.60	44.12	26.47
Cash Retained (M)	255.94	255.94	255.94
(-) Cash Required (M)	-70.60	-44.12	-26.47
(=) Excess Retained (M)	185.34	211.82	229.47
(/) Shares Outstanding (M)	775.95	775.95	775.95
(=) Excess Retained per Share	0.24	0.27	0.30
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.24	0.27	0.30
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	15.50%	15.50%	15.50%
Growth Rate	2.42%	3.42%	4.42%
Fair Value	$2.85	$3.41	$3.96
Upside / Downside	-87.14%	-84.62%	-82.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	352.99	365.05	377.52	390.42	403.76	417.56	430.09
Payout Ratio	27.49%	39.99%	52.50%	65.00%	77.50%	90.00%	92.50%
Projected Dividends (M)	97.05	146.00	198.18	253.76	312.91	375.80	397.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.50%	15.50%	15.50%
Growth Rate	2.42%	3.42%	4.42%
Year 1 PV (M)	125.18	126.40	127.63
Year 2 PV (M)	145.69	148.55	151.44
Year 3 PV (M)	159.95	164.68	169.51
Year 4 PV (M)	169.11	175.81	182.71
Year 5 PV (M)	174.14	182.81	191.82
PV of Terminal Value (M)	1,474.42	1,547.82	1,624.12
Equity Value (M)	2,248.50	2,346.08	2,447.22
Shares Outstanding (M)	775.95	775.95	775.95
Fair Value	$2.90	$3.02	$3.15
Upside / Downside	-86.92%	-86.35%	-85.76%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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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CITIC Offshore Helicopter Co., Ltd. (000099.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener