DDM Analysis: 300724.SZ

Valuation Snapshot

Stable Growth	$1,667.61 - $1,964.73	$1,841.24
Multi-Stage	$1,174.58 - $1,289.27	$1,230.86
Blended Fair Value	$1,536.05
Current Price	$100.72
Upside	1,425.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	49.12%	74.37%	1.22	0.23	0.20	0.18	0.24	0.17	0.17	0.11	0.00	0.00
YoY Growth	-	-	435.24%	14.44%	10.81%	-24.01%	43.00%	-4.00%	56.25%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.98%	0.37%	0.17%	0.25%	0.22%	0.36%	0.48%	0.54%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,429.06
(-) Cash Dividends Paid (M)	420.02
(=) Cash Retained (M)	3,009.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	685.81	428.63	257.18
Cash Retained (M)	3,009.04	3,009.04	3,009.04
(-) Cash Required (M)	-685.81	-428.63	-257.18
(=) Excess Retained (M)	2,323.23	2,580.41	2,751.86
(/) Shares Outstanding (M)	347.10	347.10	347.10
(=) Excess Retained per Share	6.69	7.43	7.93
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	6.69	7.43	7.93
(=) Adjusted Dividend	7.90	8.64	9.14
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,667.61	$1,841.24	$1,964.73
Upside / Downside	1,555.69%	1,728.07%	1,850.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,429.06	3,651.95	3,889.33	4,142.14	4,411.37	4,698.11	4,839.06
Payout Ratio	12.25%	27.80%	43.35%	58.90%	74.45%	90.00%	92.50%
Projected Dividends (M)	420.02	1,015.21	1,686.00	2,439.70	3,284.26	4,228.30	4,476.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	990.69	1,000.08	1,009.47
Year 2 PV (M)	1,605.55	1,636.13	1,667.00
Year 3 PV (M)	2,267.18	2,332.26	2,398.58
Year 4 PV (M)	2,978.31	3,092.85	3,210.66
Year 5 PV (M)	3,741.82	3,922.55	4,110.20
PV of Terminal Value (M)	396,112.92	415,245.32	435,109.96
Equity Value (M)	407,696.47	427,229.19	447,505.87
Shares Outstanding (M)	347.10	347.10	347.10
Fair Value	$1,174.58	$1,230.86	$1,289.27
Upside / Downside	1,066.19%	1,122.06%	1,180.06%

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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%
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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%
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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%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Shenzhen S.C New Energy Technology Corporation (300724.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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