DDM Analysis: 002925.SZ

Valuation Snapshot

Stable Growth	$11.26 - $64.36	$21.19
Multi-Stage	$30.34 - $33.51	$31.89
Blended Fair Value	$26.54
Current Price	$20.09
Upside	32.11%
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	0.51%	43.01%	0.63	0.86	1.08	0.64	0.62	0.62	0.49	0.21	0.09	0.05
YoY Growth	-	-	-26.80%	-19.82%	68.85%	2.19%	1.27%	25.93%	132.86%	144.05%	67.02%	191.81%
Dividend Yield	-	-	4.00%	5.42%	5.17%	2.60%	1.66%	2.31%	1.51%	0.42%	0.45%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.58
(-) Cash Dividends Paid (M)	110.99
(=) Cash Retained (M)	146.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.52	32.20	19.32
Cash Retained (M)	146.59	146.59	146.59
(-) Cash Required (M)	-51.52	-32.20	-19.32
(=) Excess Retained (M)	95.08	114.39	127.27
(/) Shares Outstanding (M)	744.20	744.20	744.20
(=) Excess Retained per Share	0.13	0.15	0.17
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.13	0.15	0.17
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	0.93%	0.93%	0.93%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$11.26	$21.19	$64.36
Upside / Downside	-43.95%	5.47%	220.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.58	256.31	255.04	253.78	252.53	251.28	258.82
Payout Ratio	43.09%	52.47%	61.85%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	110.99	134.49	157.75	180.78	203.58	226.16	239.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.93%	0.93%	0.93%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	131.91	133.25	134.59
Year 2 PV (M)	151.76	154.86	157.99
Year 3 PV (M)	170.59	175.84	181.19
Year 4 PV (M)	188.42	196.19	204.20
Year 5 PV (M)	205.31	215.94	227.01
PV of Terminal Value (M)	21,733.84	22,859.64	24,031.61
Equity Value (M)	22,581.84	23,735.72	24,936.59
Shares Outstanding (M)	744.20	744.20	744.20
Fair Value	$30.34	$31.89	$33.51
Upside / Downside	51.04%	58.76%	66.79%

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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%
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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Xiamen Intretech Inc. (002925.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener