DDM Analysis: 002917.SZ

Valuation Snapshot

Stable Growth	$12.91 - $50.94	$21.95
Multi-Stage	$7.96 - $8.70	$8.32
Blended Fair Value	$15.14
Current Price	$13.95
Upside	8.51%
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	41.00%	0.00%	0.18	0.16	0.18	0.12	0.06	0.03	0.06	0.00	0.03	0.21
YoY Growth	-	-	18.36%	-15.71%	52.31%	88.24%	94.84%	-46.45%	0.00%	-100.00%	-86.17%	0.00%
Dividend Yield	-	-	1.39%	1.78%	1.73%	1.16%	0.76%	0.35%	0.55%	0.00%	0.41%	2.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	149.28
(-) Cash Dividends Paid (M)	16.57
(=) Cash Retained (M)	132.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.86	18.66	11.20
Cash Retained (M)	132.70	132.70	132.70
(-) Cash Required (M)	-29.86	-18.66	-11.20
(=) Excess Retained (M)	102.85	114.05	121.51
(/) Shares Outstanding (M)	342.29	342.29	342.29
(=) Excess Retained per Share	0.30	0.33	0.35
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.30	0.33	0.35
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.91	$21.95	$50.94
Upside / Downside	-7.46%	57.36%	265.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	149.28	158.98	169.31	180.32	192.04	204.52	210.66
Payout Ratio	11.10%	26.88%	42.66%	58.44%	74.22%	90.00%	92.50%
Projected Dividends (M)	16.57	42.73	72.23	105.38	142.53	184.07	194.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.07	39.44	39.81
Year 2 PV (M)	60.37	61.52	62.68
Year 3 PV (M)	80.53	82.84	85.20
Year 4 PV (M)	99.58	103.41	107.35
Year 5 PV (M)	117.58	123.26	129.15
PV of Terminal Value (M)	2,325.95	2,438.30	2,554.94
Equity Value (M)	2,723.09	2,848.77	2,979.14
Shares Outstanding (M)	342.29	342.29	342.29
Fair Value	$7.96	$8.32	$8.70
Upside / Downside	-42.97%	-40.34%	-37.61%

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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%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
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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%
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%
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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%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Shenzhen King Explorer Science and Technology Corporation (002917.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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