DDM Analysis: 2367.HK

Valuation Snapshot

Stable Growth	$37.27 - $57.65	$46.72
Multi-Stage	$83.29 - $91.79	$87.46
Blended Fair Value	$67.09
Current Price	$52.63
Upside	27.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.90	0.00	0.37	2.54	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-85.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.93%	0.00%	1.23%	11.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,029.24
(-) Cash Dividends Paid (M)	908.44
(=) Cash Retained (M)	3,120.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.85	503.66	302.19
Cash Retained (M)	3,120.81	3,120.81	3,120.81
(-) Cash Required (M)	-805.85	-503.66	-302.19
(=) Excess Retained (M)	2,314.96	2,617.15	2,818.61
(/) Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
(=) Excess Retained per Share	2.30	2.60	2.80
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.30	2.60	2.80
(=) Adjusted Dividend	3.20	3.50	3.71
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$37.27	$46.72	$57.65
Upside / Downside	-29.19%	-11.23%	9.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,029.24	3,988.95	3,949.06	3,909.57	3,870.47	3,831.77	3,946.72
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	908.44	1,437.49	1,955.88	2,463.75	2,961.27	3,448.59	3,650.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,337.04	1,350.68	1,364.33
Year 2 PV (M)	1,692.07	1,726.78	1,761.84
Year 3 PV (M)	1,982.50	2,043.81	2,106.37
Year 4 PV (M)	2,216.32	2,308.18	2,402.86
Year 5 PV (M)	2,400.69	2,525.69	2,655.86
PV of Terminal Value (M)	74,155.74	78,017.20	82,037.87
Equity Value (M)	83,784.36	87,972.35	92,329.13
Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
Fair Value	$83.29	$87.46	$91.79
Upside / Downside	58.26%	66.17%	74.40%

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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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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Giant Biogene Holding Co., Ltd. (2367.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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