DDM Analysis: 002415.SZ

Valuation Snapshot

Stable Growth	$80.11 - $285.04	$261.87
Multi-Stage	$36.82 - $40.26	$38.51
Blended Fair Value	$150.19
Current Price	$31.52
Upside	376.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.12%	24.05%	0.94	0.70	0.92	0.81	0.71	0.61	0.50	0.41	0.31	0.18
YoY Growth	-	-	34.76%	-24.18%	13.74%	14.03%	16.77%	21.41%	23.74%	32.65%	72.70%	62.07%
Dividend Yield	-	-	3.07%	2.13%	2.16%	1.98%	1.27%	2.18%	1.36%	0.98%	1.44%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,188.70
(-) Cash Dividends Paid (M)	6,747.34
(=) Cash Retained (M)	6,441.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,637.74	1,648.59	989.15
Cash Retained (M)	6,441.36	6,441.36	6,441.36
(-) Cash Required (M)	-2,637.74	-1,648.59	-989.15
(=) Excess Retained (M)	3,803.62	4,792.77	5,452.21
(/) Shares Outstanding (M)	9,201.72	9,201.72	9,201.72
(=) Excess Retained per Share	0.41	0.52	0.59
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	0.41	0.52	0.59
(=) Adjusted Dividend	1.15	1.25	1.33
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.11	$261.87	$285.04
Upside / Downside	154.16%	730.80%	804.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,188.70	14,045.97	14,958.96	15,931.29	16,966.82	18,069.67	18,611.76
Payout Ratio	51.16%	58.93%	66.70%	74.46%	82.23%	90.00%	92.50%
Projected Dividends (M)	6,747.34	8,277.01	9,977.03	11,863.08	13,952.16	16,262.70	17,215.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,662.17	7,734.80	7,807.42
Year 2 PV (M)	8,549.84	8,712.69	8,877.07
Year 3 PV (M)	9,410.92	9,681.08	9,956.35
Year 4 PV (M)	10,246.01	10,640.04	11,045.33
Year 5 PV (M)	11,055.65	11,589.64	12,144.07
PV of Terminal Value (M)	291,857.92	305,954.77	320,591.13
Equity Value (M)	338,782.50	354,313.01	370,421.38
Shares Outstanding (M)	9,201.72	9,201.72	9,201.72
Fair Value	$36.82	$38.51	$40.26
Upside / Downside	16.81%	22.16%	27.71%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

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

Periods / Units / Analysis

Fundamentals

Valuations

Mode

Miscellaneous

Ticker

Industry

Sector

Hangzhou Hikvision Digital Technology Co., Ltd. (002415.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener