DDM Analysis: 300898.SZ

Valuation Snapshot

Stable Growth	$80.79 - $154.17	$144.48
Multi-Stage	$24.72 - $27.02	$25.85
Blended Fair Value	$85.17
Current Price	$25.63
Upside	232.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.74%	8.64%	0.51	0.23	0.23	0.17	0.77	0.31	0.25	0.46	0.22	0.23
YoY Growth	-	-	117.79%	1.46%	33.50%	-77.44%	150.21%	24.86%	-46.38%	104.30%	-1.13%	1.63%
Dividend Yield	-	-	1.76%	1.15%	1.08%	0.75%	2.11%	0.49%	0.39%	0.74%	0.36%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.12
(-) Cash Dividends Paid (M)	75.81
(=) Cash Retained (M)	20.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.22	12.02	7.21
Cash Retained (M)	20.31	20.31	20.31
(-) Cash Required (M)	-19.22	-12.02	-7.21
(=) Excess Retained (M)	1.08	8.29	13.10
(/) Shares Outstanding (M)	123.99	123.99	123.99
(=) Excess Retained per Share	0.01	0.07	0.11
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.01	0.07	0.11
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.79	$144.48	$154.17
Upside / Downside	215.22%	463.72%	501.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.12	102.37	109.02	116.11	123.66	131.69	135.64
Payout Ratio	78.87%	81.10%	83.32%	85.55%	87.77%	90.00%	92.50%
Projected Dividends (M)	75.81	83.02	90.84	99.33	108.54	118.52	125.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.36	78.09	78.83
Year 2 PV (M)	78.88	80.38	81.90
Year 3 PV (M)	80.37	82.67	85.02
Year 4 PV (M)	81.83	84.97	88.21
Year 5 PV (M)	83.26	87.28	91.46
PV of Terminal Value (M)	2,663.07	2,791.70	2,925.25
Equity Value (M)	3,064.76	3,205.10	3,350.66
Shares Outstanding (M)	123.99	123.99	123.99
Fair Value	$24.72	$25.85	$27.02
Upside / Downside	-3.56%	0.86%	5.44%

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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%
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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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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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Panda Dairy Corporation (300898.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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