DDM Analysis: 002637.SZ

Valuation Snapshot

Stable Growth	$35.80 - $72.07	$67.54
Multi-Stage	$11.41 - $12.47	$11.93
Blended Fair Value	$39.74
Current Price	$10.43
Upside	280.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.00%	12.15%	0.33	0.35	0.46	0.31	0.26	0.26	0.37	0.28	0.09	0.08
YoY Growth	-	-	-6.23%	-24.29%	47.00%	21.18%	0.94%	-30.67%	30.71%	219.20%	14.53%	-25.59%
Dividend Yield	-	-	3.46%	4.05%	3.88%	1.56%	1.66%	1.93%	4.20%	3.13%	0.65%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	165.44
(-) Cash Dividends Paid (M)	133.43
(=) Cash Retained (M)	32.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.09	20.68	12.41
Cash Retained (M)	32.01	32.01	32.01
(-) Cash Required (M)	-33.09	-20.68	-12.41
(=) Excess Retained (M)	-1.08	11.33	19.60
(/) Shares Outstanding (M)	456.52	456.52	456.52
(=) Excess Retained per Share	0.00	0.02	0.04
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.00	0.02	0.04
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.80	$67.54	$72.07
Upside / Downside	243.21%	547.56%	590.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	165.44	176.19	187.65	199.84	212.83	226.67	233.47
Payout Ratio	80.65%	82.52%	84.39%	86.26%	88.13%	90.00%	92.50%
Projected Dividends (M)	133.43	145.40	158.36	172.39	187.57	204.00	215.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	135.43	136.71	137.99
Year 2 PV (M)	137.38	140.00	142.64
Year 3 PV (M)	139.30	143.30	147.37
Year 4 PV (M)	141.17	146.60	152.19
Year 5 PV (M)	143.01	149.92	157.09
PV of Terminal Value (M)	4,513.22	4,731.21	4,957.54
Equity Value (M)	5,209.50	5,447.73	5,694.82
Shares Outstanding (M)	456.52	456.52	456.52
Fair Value	$11.41	$11.93	$12.47
Upside / Downside	9.41%	14.41%	19.60%

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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%
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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%
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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%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Zanyu Technology Group Co., Ltd. (002637.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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