DDM Analysis: 300627.SZ

Valuation Snapshot

Stable Growth	$89.08 - $246.65	$231.15
Multi-Stage	$34.65 - $37.92	$36.25
Blended Fair Value	$133.70
Current Price	$35.43
Upside	277.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.02%	59.91%	0.37	0.26	0.21	0.16	0.13	0.09	0.06	0.00	0.03	0.01
YoY Growth	-	-	39.68%	27.39%	31.98%	18.37%	49.84%	48.03%	5,383.10%	-96.64%	141.51%	298.75%
Dividend Yield	-	-	1.24%	1.32%	1.00%	0.84%	1.05%	1.06%	0.77%	0.01%	0.45%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	686.32
(-) Cash Dividends Paid (M)	287.57
(=) Cash Retained (M)	398.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	137.26	85.79	51.47
Cash Retained (M)	398.74	398.74	398.74
(-) Cash Required (M)	-137.26	-85.79	-51.47
(=) Excess Retained (M)	261.48	312.95	347.27
(/) Shares Outstanding (M)	553.38	553.38	553.38
(=) Excess Retained per Share	0.47	0.57	0.63
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.47	0.57	0.63
(=) Adjusted Dividend	0.99	1.09	1.15
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.08	$231.15	$246.65
Upside / Downside	151.43%	552.40%	596.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	686.32	730.93	778.44	829.04	882.92	940.31	968.52
Payout Ratio	41.90%	51.52%	61.14%	70.76%	80.38%	90.00%	92.50%
Projected Dividends (M)	287.57	376.58	475.94	586.63	709.69	846.28	895.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	349.70	353.02	356.33
Year 2 PV (M)	410.42	418.24	426.13
Year 3 PV (M)	469.77	483.25	496.99
Year 4 PV (M)	527.75	548.05	568.93
Year 5 PV (M)	584.41	612.63	641.94
PV of Terminal Value (M)	16,833.99	17,647.08	18,491.28
Equity Value (M)	19,176.04	20,062.27	20,981.61
Shares Outstanding (M)	553.38	553.38	553.38
Fair Value	$34.65	$36.25	$37.92
Upside / Downside	-2.19%	2.33%	7.01%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
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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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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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Shanghai Huace Navigation Technology Ltd (300627.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener