DDM Analysis: 002351.SZ

Valuation Snapshot

Stable Growth	$43.96 - $92.11	$86.32
Multi-Stage	$14.19 - $15.52	$14.84
Blended Fair Value	$50.58
Current Price	$14.18
Upside	256.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.88%	12.87%	0.20	0.20	0.18	0.20	0.10	0.07	0.07	0.10	0.07	0.07
YoY Growth	-	-	-0.17%	11.09%	-10.00%	99.85%	46.28%	2.02%	-32.47%	49.83%	-1.56%	13.16%
Dividend Yield	-	-	1.37%	1.50%	1.25%	2.28%	0.71%	0.68%	1.56%	1.67%	0.63%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	410.86
(-) Cash Dividends Paid (M)	221.05
(=) Cash Retained (M)	189.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.17	51.36	30.81
Cash Retained (M)	189.81	189.81	189.81
(-) Cash Required (M)	-82.17	-51.36	-30.81
(=) Excess Retained (M)	107.64	138.45	158.99
(/) Shares Outstanding (M)	887.12	887.12	887.12
(=) Excess Retained per Share	0.12	0.16	0.18
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.12	0.16	0.18
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.96	$86.32	$92.11
Upside / Downside	209.99%	508.73%	549.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	410.86	437.56	466.01	496.30	528.56	562.91	579.80
Payout Ratio	53.80%	61.04%	68.28%	75.52%	82.76%	90.00%	92.50%
Projected Dividends (M)	221.05	267.10	318.20	374.81	437.44	506.62	536.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	248.70	251.06	253.41
Year 2 PV (M)	275.87	281.12	286.43
Year 3 PV (M)	302.57	311.25	320.10
Year 4 PV (M)	328.80	341.45	354.45
Year 5 PV (M)	354.58	371.70	389.48
PV of Terminal Value (M)	11,074.89	11,609.81	12,165.21
Equity Value (M)	12,585.41	13,166.40	13,769.09
Shares Outstanding (M)	887.12	887.12	887.12
Fair Value	$14.19	$14.84	$15.52
Upside / Downside	0.05%	4.67%	9.46%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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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%
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Edifier Technology Co., Ltd. (002351.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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