DDM Analysis: 000967.SZ

Valuation Snapshot

Stable Growth	$1.47 - $2.45	$1.90
Multi-Stage	$1.73 - $1.90	$1.81
Blended Fair Value	$1.86
Current Price	$7.19
Upside	-74.15%
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	4.18%	25.82%	0.17	0.15	0.14	0.16	0.16	0.14	0.20	0.03	0.02	0.02
YoY Growth	-	-	12.01%	5.40%	-10.41%	0.41%	15.56%	-32.47%	521.12%	42.96%	35.60%	-0.37%
Dividend Yield	-	-	2.73%	2.92%	2.67%	3.08%	1.88%	2.35%	2.82%	0.41%	0.22%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	381.20
(-) Cash Dividends Paid (M)	107.24
(=) Cash Retained (M)	273.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.24	47.65	28.59
Cash Retained (M)	273.97	273.97	273.97
(-) Cash Required (M)	-76.24	-47.65	-28.59
(=) Excess Retained (M)	197.73	226.32	245.38
(/) Shares Outstanding (M)	3,113.87	3,113.87	3,113.87
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$1.47	$1.90	$2.45
Upside / Downside	-79.55%	-73.52%	-65.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	381.20	393.34	405.86	418.78	432.11	445.87	459.24
Payout Ratio	28.13%	40.50%	52.88%	65.25%	77.63%	90.00%	92.50%
Projected Dividends (M)	107.24	159.32	214.61	273.26	335.43	401.28	424.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	144.76	146.18	147.60
Year 2 PV (M)	177.19	180.67	184.19
Year 3 PV (M)	204.99	211.07	217.27
Year 4 PV (M)	228.64	237.72	247.07
Year 5 PV (M)	248.53	260.93	273.82
PV of Terminal Value (M)	4,392.75	4,611.94	4,839.80
Equity Value (M)	5,396.86	5,648.52	5,909.75
Shares Outstanding (M)	3,113.87	3,113.87	3,113.87
Fair Value	$1.73	$1.81	$1.90
Upside / Downside	-75.89%	-74.77%	-73.60%

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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%
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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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Infore Environment Technology Group Co., Ltd. (000967.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener