DDM Analysis: 603298.SS

Valuation Snapshot

Stable Growth	$102.33 - $333.44	$312.48
Multi-Stage	$43.85 - $47.99	$45.89
Blended Fair Value	$179.18
Current Price	$28.73
Upside	523.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.05%	13.45%	0.38	0.31	0.29	0.27	0.17	0.14	0.15	0.14	0.12	0.11
YoY Growth	-	-	19.66%	9.32%	5.39%	62.45%	16.04%	-0.65%	2.89%	16.00%	8.08%	6.01%
Dividend Yield	-	-	1.81%	1.55%	2.05%	2.86%	1.01%	2.44%	1.86%	1.89%	0.89%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,201.79
(-) Cash Dividends Paid (M)	668.85
(=) Cash Retained (M)	1,532.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	440.36	275.22	165.13
Cash Retained (M)	1,532.94	1,532.94	1,532.94
(-) Cash Required (M)	-440.36	-275.22	-165.13
(=) Excess Retained (M)	1,092.58	1,257.72	1,367.81
(/) Shares Outstanding (M)	1,313.23	1,313.23	1,313.23
(=) Excess Retained per Share	0.83	0.96	1.04
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.83	0.96	1.04
(=) Adjusted Dividend	1.34	1.47	1.55
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$102.33	$312.48	$333.44
Upside / Downside	256.16%	987.65%	1,060.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,201.79	2,344.91	2,497.33	2,659.65	2,832.53	3,016.65	3,107.15
Payout Ratio	30.38%	42.30%	54.23%	66.15%	78.08%	90.00%	92.50%
Projected Dividends (M)	668.85	991.94	1,354.21	1,759.39	2,211.51	2,714.98	2,874.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	919.35	928.07	936.78
Year 2 PV (M)	1,163.26	1,185.42	1,207.78
Year 3 PV (M)	1,400.70	1,440.91	1,481.88
Year 4 PV (M)	1,631.80	1,694.56	1,759.11
Year 5 PV (M)	1,856.69	1,946.37	2,039.48
PV of Terminal Value (M)	50,619.56	53,064.50	55,603.02
Equity Value (M)	57,591.36	60,259.82	63,028.05
Shares Outstanding (M)	1,313.23	1,313.23	1,313.23
Fair Value	$43.85	$45.89	$47.99
Upside / Downside	52.64%	59.72%	67.05%

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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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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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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
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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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Hangcha Group Co., Ltd (603298.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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