DDM Analysis: 002078.SZ

Valuation Snapshot

Stable Growth	$190.28 - $224.19	$210.10
Multi-Stage	$85.81 - $94.16	$89.91
Blended Fair Value	$150.00
Current Price	$14.29
Upside	949.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.71%	9.89%	0.49	0.41	0.41	0.28	0.26	0.27	0.27	0.20	0.18	0.18
YoY Growth	-	-	18.49%	0.29%	44.94%	9.73%	-3.78%	-0.97%	37.67%	13.02%	-1.46%	-7.02%
Dividend Yield	-	-	3.33%	2.82%	3.39%	2.50%	1.65%	3.07%	3.66%	1.80%	2.45%	3.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,142.12
(-) Cash Dividends Paid (M)	338.26
(=) Cash Retained (M)	2,803.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	628.42	392.77	235.66
Cash Retained (M)	2,803.86	2,803.86	2,803.86
(-) Cash Required (M)	-628.42	-392.77	-235.66
(=) Excess Retained (M)	2,175.44	2,411.10	2,568.20
(/) Shares Outstanding (M)	2,787.37	2,787.37	2,787.37
(=) Excess Retained per Share	0.78	0.87	0.92
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.78	0.87	0.92
(=) Adjusted Dividend	0.90	0.99	1.04
WACC / Discount Rate	4.38%	4.38%	4.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$190.28	$210.10	$224.19
Upside / Downside	1,231.58%	1,370.23%	1,468.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,142.12	3,346.36	3,563.88	3,795.53	4,042.24	4,304.98	4,434.13
Payout Ratio	10.77%	26.61%	42.46%	58.31%	74.15%	90.00%	92.50%
Projected Dividends (M)	338.26	890.54	1,513.19	2,213.03	2,997.44	3,874.48	4,101.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.38%	4.38%	4.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	845.20	853.22	861.23
Year 2 PV (M)	1,363.03	1,388.99	1,415.20
Year 3 PV (M)	1,891.92	1,946.23	2,001.57
Year 4 PV (M)	2,432.06	2,525.59	2,621.79
Year 5 PV (M)	2,983.61	3,127.72	3,277.35
PV of Terminal Value (M)	229,681.67	240,775.38	252,293.67
Equity Value (M)	239,197.50	250,617.13	262,470.81
Shares Outstanding (M)	2,787.37	2,787.37	2,787.37
Fair Value	$85.81	$89.91	$94.16
Upside / Downside	500.52%	529.19%	558.95%

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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%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
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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%
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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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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Shandong Sunpaper Co., Ltd. (002078.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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