DDM Analysis: 002367.SZ

Valuation Snapshot

Stable Growth	$8.48 - $17.20	$11.84
Multi-Stage	$12.32 - $13.52	$12.91
Blended Fair Value	$12.38
Current Price	$6.62
Upside	86.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.84%	9.34%	0.35	0.25	0.30	0.30	0.54	0.53	0.75	0.10	0.20	0.23
YoY Growth	-	-	41.74%	-16.62%	0.18%	-45.36%	2.75%	-29.80%	650.00%	-50.00%	-13.60%	61.53%
Dividend Yield	-	-	4.80%	3.43%	3.62%	4.13%	5.36%	6.45%	8.93%	1.05%	1.51%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.47
(-) Cash Dividends Paid (M)	239.51
(=) Cash Retained (M)	156.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.29	49.56	29.73
Cash Retained (M)	156.95	156.95	156.95
(-) Cash Required (M)	-79.29	-49.56	-29.73
(=) Excess Retained (M)	77.66	107.40	127.22
(/) Shares Outstanding (M)	797.65	797.65	797.65
(=) Excess Retained per Share	0.10	0.13	0.16
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.10	0.13	0.16
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Fair Value	$8.48	$11.84	$17.20
Upside / Downside	28.05%	78.92%	159.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.47	407.43	418.70	430.28	442.18	454.41	468.04
Payout Ratio	60.41%	66.33%	72.25%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	239.51	270.25	302.50	336.33	371.80	408.97	432.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Year 1 PV (M)	251.19	253.66	256.13
Year 2 PV (M)	261.34	266.50	271.71
Year 3 PV (M)	270.08	278.12	286.32
Year 4 PV (M)	277.51	288.58	299.98
Year 5 PV (M)	283.73	297.95	312.73
PV of Terminal Value (M)	8,486.31	8,911.53	9,353.64
Equity Value (M)	9,830.16	10,296.34	10,780.50
Shares Outstanding (M)	797.65	797.65	797.65
Fair Value	$12.32	$12.91	$13.52
Upside / Downside	86.16%	94.99%	104.16%

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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%

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Canny Elevator Co., Ltd. (002367.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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