DDM Analysis: 603180.SS

Valuation Snapshot

Stable Growth	$154.43 - $181.95	$170.51
Multi-Stage	$58.54 - $64.20	$61.32
Blended Fair Value	$115.92
Current Price	$20.23
Upside	472.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.49%	36.05%	0.83	0.70	1.04	0.59	0.38	0.42	0.34	0.15	0.09	0.09
YoY Growth	-	-	17.54%	-32.76%	77.47%	52.95%	-8.30%	23.62%	128.25%	59.41%	1.17%	142.67%
Dividend Yield	-	-	4.45%	3.07%	2.82%	1.82%	0.74%	1.42%	0.81%	0.18%	0.46%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.44
(-) Cash Dividends Paid (M)	40.14
(=) Cash Retained (M)	104.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.89	18.05	10.83
Cash Retained (M)	104.30	104.30	104.30
(-) Cash Required (M)	-28.89	-18.05	-10.83
(=) Excess Retained (M)	75.41	86.24	93.46
(/) Shares Outstanding (M)	157.88	157.88	157.88
(=) Excess Retained per Share	0.48	0.55	0.59
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.48	0.55	0.59
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154.43	$170.51	$181.95
Upside / Downside	663.38%	742.86%	799.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.44	153.83	163.83	174.48	185.82	197.90	203.83
Payout Ratio	27.79%	40.23%	52.68%	65.12%	77.56%	90.00%	92.50%
Projected Dividends (M)	40.14	61.89	86.30	113.61	144.12	178.11	188.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58.59	59.15	59.70
Year 2 PV (M)	77.34	78.82	80.31
Year 3 PV (M)	96.40	99.17	101.99
Year 4 PV (M)	115.77	120.22	124.80
Year 5 PV (M)	135.45	141.99	148.78
PV of Terminal Value (M)	8,758.50	9,181.54	9,620.77
Equity Value (M)	9,242.05	9,680.88	10,136.34
Shares Outstanding (M)	157.88	157.88	157.88
Fair Value	$58.54	$61.32	$64.20
Upside / Downside	189.37%	203.11%	217.37%

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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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ECL	Ecolab Inc.	0.97%	$2.54	36.57%
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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%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
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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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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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GoldenHome Living Co., Ltd. (603180.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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