DDM Analysis: 002090.SZ

Valuation Snapshot

Stable Growth	$2.22 - $3.56	$2.83
Multi-Stage	$2.59 - $2.83	$2.71
Blended Fair Value	$2.77
Current Price	$11.41
Upside	-75.73%
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	13.50%	5.80%	0.09	0.03	0.02	0.09	0.03	0.05	0.09	0.09	0.09	0.08
YoY Growth	-	-	257.84%	5.18%	-74.98%	276.46%	-46.88%	-46.67%	0.00%	2.63%	11.47%	52.85%
Dividend Yield	-	-	0.97%	0.26%	0.18%	1.11%	0.32%	0.54%	0.67%	0.74%	0.65%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.17
(-) Cash Dividends Paid (M)	29.16
(=) Cash Retained (M)	53.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.43	10.27	6.16
Cash Retained (M)	53.01	53.01	53.01
(-) Cash Required (M)	-16.43	-10.27	-6.16
(=) Excess Retained (M)	36.58	42.74	46.85
(/) Shares Outstanding (M)	400.51	400.51	400.51
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	2.17%	3.17%	4.17%
Fair Value	$2.22	$2.83	$3.56
Upside / Downside	-80.54%	-75.23%	-68.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.17	84.77	87.45	90.22	93.08	96.02	98.90
Payout Ratio	35.48%	46.39%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	29.16	39.32	50.10	61.53	73.62	86.42	91.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	2.17%	3.17%	4.17%
Year 1 PV (M)	35.49	35.84	36.19
Year 2 PV (M)	40.82	41.62	42.43
Year 3 PV (M)	45.24	46.58	47.95
Year 4 PV (M)	48.86	50.81	52.80
Year 5 PV (M)	51.77	54.36	57.04
PV of Terminal Value (M)	815.95	856.67	899.00
Equity Value (M)	1,038.14	1,085.88	1,135.42
Shares Outstanding (M)	400.51	400.51	400.51
Fair Value	$2.59	$2.71	$2.83
Upside / Downside	-77.28%	-76.24%	-75.15%

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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%

Financial Statements

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Wiscom System Co., Ltd. (002090.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener