DDM Analysis: 002662.SZ

Valuation Snapshot

Stable Growth	$1.50 - $2.33	$1.89
Multi-Stage	$3.34 - $3.68	$3.50
Blended Fair Value	$2.69
Current Price	$3.92
Upside	-31.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.52%	0.11%	0.11	0.08	0.02	0.03	0.11	0.07	0.14	0.30	0.20	0.16
YoY Growth	-	-	37.65%	400.65%	-44.38%	-73.49%	48.11%	-47.70%	-53.09%	46.83%	27.23%	46.57%
Dividend Yield	-	-	2.87%	2.32%	0.44%	0.83%	3.41%	2.78%	2.74%	5.02%	2.23%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235.50
(-) Cash Dividends Paid (M)	116.96
(=) Cash Retained (M)	118.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.10	29.44	17.66
Cash Retained (M)	118.54	118.54	118.54
(-) Cash Required (M)	-47.10	-29.44	-17.66
(=) Excess Retained (M)	71.44	89.11	100.88
(/) Shares Outstanding (M)	1,458.73	1,458.73	1,458.73
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-1.89%	-0.89%	0.11%
Fair Value	$1.50	$1.89	$2.33
Upside / Downside	-61.64%	-51.91%	-40.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235.50	233.41	231.33	229.27	227.23	225.21	231.97
Payout Ratio	49.66%	57.73%	65.80%	73.87%	81.93%	90.00%	92.50%
Projected Dividends (M)	116.96	134.75	152.21	169.35	186.18	202.69	214.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-1.89%	-0.89%	0.11%
Year 1 PV (M)	125.20	126.48	127.75
Year 2 PV (M)	131.41	134.10	136.82
Year 3 PV (M)	135.85	140.05	144.33
Year 4 PV (M)	138.77	144.52	150.44
Year 5 PV (M)	140.38	147.68	155.28
PV of Terminal Value (M)	4,200.71	4,419.20	4,646.68
Equity Value (M)	4,872.32	5,112.02	5,361.31
Shares Outstanding (M)	1,458.73	1,458.73	1,458.73
Fair Value	$3.34	$3.50	$3.68
Upside / Downside	-14.79%	-10.60%	-6.24%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
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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%
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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%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Sector

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener