DDM Analysis: 002300.SZ

Valuation Snapshot

Stable Growth	$18.35 - $21.64	$20.27
Multi-Stage	$10.80 - $11.87	$11.32
Blended Fair Value	$15.80
Current Price	$6.17
Upside	156.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.74%	3.83%	0.24	0.09	0.13	0.20	0.19	0.19	0.14	0.16	0.13	0.18
YoY Growth	-	-	167.40%	-28.57%	-36.08%	3.90%	-0.61%	42.57%	-14.17%	25.83%	-28.57%	5.00%
Dividend Yield	-	-	3.83%	1.39%	1.65%	2.96%	3.54%	3.58%	1.86%	2.56%	1.04%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.65
(-) Cash Dividends Paid (M)	38.28
(=) Cash Retained (M)	42.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.13	10.08	6.05
Cash Retained (M)	42.37	42.37	42.37
(-) Cash Required (M)	-16.13	-10.08	-6.05
(=) Excess Retained (M)	26.24	32.28	36.32
(/) Shares Outstanding (M)	722.30	722.30	722.30
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	3.22%	3.22%	3.22%
Growth Rate	2.74%	3.74%	4.74%
Fair Value	$18.35	$20.27	$21.64
Upside / Downside	197.49%	228.54%	250.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.65	83.67	86.80	90.05	93.42	96.92	99.82
Payout Ratio	47.47%	55.98%	64.48%	72.99%	81.49%	90.00%	92.50%
Projected Dividends (M)	38.28	46.83	55.97	65.72	76.13	87.23	92.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.22%	3.22%	3.22%
Growth Rate	2.74%	3.74%	4.74%
Year 1 PV (M)	44.93	45.37	45.81
Year 2 PV (M)	51.52	52.53	53.55
Year 3 PV (M)	58.05	59.76	61.51
Year 4 PV (M)	64.51	67.06	69.69
Year 5 PV (M)	70.92	74.44	78.10
PV of Terminal Value (M)	7,507.54	7,880.08	8,267.26
Equity Value (M)	7,797.48	8,179.24	8,575.90
Shares Outstanding (M)	722.30	722.30	722.30
Fair Value	$10.80	$11.32	$11.87
Upside / Downside	74.96%	83.53%	92.43%

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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%

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Fujian Nanping Sun Cable Co., Ltd. (002300.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener