DDM Analysis: 002673.SZ

Valuation Snapshot

Stable Growth	$26.40 - $85.44	$80.07
Multi-Stage	$11.44 - $12.51	$11.96
Blended Fair Value	$46.02
Current Price	$8.58
Upside	436.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.91%	27.84%	0.25	0.17	0.21	0.14	0.08	0.08	0.12	0.17	0.27	0.09
YoY Growth	-	-	45.28%	-18.33%	50.93%	65.69%	10.97%	-34.25%	-33.72%	-34.50%	200.89%	312.24%
Dividend Yield	-	-	3.20%	2.45%	3.30%	1.93%	0.95%	0.92%	0.99%	1.79%	1.66%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,917.98
(-) Cash Dividends Paid (M)	975.19
(=) Cash Retained (M)	942.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	383.60	239.75	143.85
Cash Retained (M)	942.79	942.79	942.79
(-) Cash Required (M)	-383.60	-239.75	-143.85
(=) Excess Retained (M)	559.19	703.04	798.94
(/) Shares Outstanding (M)	4,464.34	4,464.34	4,464.34
(=) Excess Retained per Share	0.13	0.16	0.18
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.13	0.16	0.18
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.40	$80.07	$85.44
Upside / Downside	207.73%	833.22%	895.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,917.98	2,042.64	2,175.42	2,316.82	2,467.41	2,627.79	2,706.63
Payout Ratio	50.84%	58.68%	66.51%	74.34%	82.17%	90.00%	92.50%
Projected Dividends (M)	975.19	1,198.53	1,446.80	1,722.27	2,027.44	2,365.01	2,503.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,110.92	1,121.45	1,131.98
Year 2 PV (M)	1,243.01	1,266.69	1,290.59
Year 3 PV (M)	1,371.52	1,410.89	1,451.01
Year 4 PV (M)	1,496.52	1,554.08	1,613.27
Year 5 PV (M)	1,618.09	1,696.24	1,777.39
PV of Terminal Value (M)	44,223.89	46,359.92	48,577.70
Equity Value (M)	51,063.96	53,409.27	55,841.94
Shares Outstanding (M)	4,464.34	4,464.34	4,464.34
Fair Value	$11.44	$11.96	$12.51
Upside / Downside	33.31%	39.44%	45.79%

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

Western Securities Co., Ltd. (002673.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener