DDM Analysis: 603313.SS

Valuation Snapshot

Stable Growth	$25.68 - $57.15	$53.56
Multi-Stage	$8.69 - $9.51	$9.09
Blended Fair Value	$31.32
Current Price	$8.99
Upside	248.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.08%	46.52%	0.22	0.27	0.24	0.46	0.13	0.17	0.04	0.51	0.08	0.05
YoY Growth	-	-	-17.09%	11.98%	-47.55%	262.29%	-27.39%	324.61%	-91.97%	540.00%	57.03%	938.91%
Dividend Yield	-	-	3.65%	2.89%	2.24%	3.71%	0.48%	1.27%	0.22%	3.66%	0.40%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162.46
(-) Cash Dividends Paid (M)	97.57
(=) Cash Retained (M)	64.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.49	20.31	12.18
Cash Retained (M)	64.90	64.90	64.90
(-) Cash Required (M)	-32.49	-20.31	-12.18
(=) Excess Retained (M)	32.40	44.59	52.71
(/) Shares Outstanding (M)	565.37	565.37	565.37
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.68	$53.56	$57.15
Upside / Downside	185.63%	495.74%	535.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162.46	173.02	184.27	196.25	209.00	222.59	229.27
Payout Ratio	60.06%	66.04%	72.03%	78.02%	84.01%	90.00%	92.50%
Projected Dividends (M)	97.57	114.27	132.74	153.12	175.59	200.33	212.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.35	107.35	108.36
Year 2 PV (M)	114.96	117.15	119.36
Year 3 PV (M)	123.41	126.96	130.57
Year 4 PV (M)	131.71	136.77	141.98
Year 5 PV (M)	139.84	146.60	153.61
PV of Terminal Value (M)	4,297.90	4,505.49	4,721.03
Equity Value (M)	4,914.17	5,140.32	5,374.91
Shares Outstanding (M)	565.37	565.37	565.37
Fair Value	$8.69	$9.09	$9.51
Upside / Downside	-3.31%	1.13%	5.75%

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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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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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Healthcare Co., Ltd. (603313.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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