DDM Analysis: 603444.SS

Valuation Snapshot

Stable Growth	$3,525.27 - $4,153.37	$3,892.31
Multi-Stage	$2,579.02 - $2,830.51	$2,702.42
Blended Fair Value	$3,297.36
Current Price	$568.00
Upside	480.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.28%	22.64%	6.49	10.14	29.85	11.99	5.00	9.99	2.66	4.13	0.63	0.42
YoY Growth	-	-	-36.04%	-66.03%	148.89%	140.00%	-49.99%	275.69%	-35.53%	556.40%	48.79%	-49.87%
Dividend Yield	-	-	2.91%	5.16%	6.26%	3.33%	1.34%	2.44%	1.27%	2.40%	0.20%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,501.55
(-) Cash Dividends Paid (M)	394.66
(=) Cash Retained (M)	1,106.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	300.31	187.69	112.62
Cash Retained (M)	1,106.89	1,106.89	1,106.89
(-) Cash Required (M)	-300.31	-187.69	-112.62
(=) Excess Retained (M)	806.58	919.20	994.28
(/) Shares Outstanding (M)	71.90	71.90	71.90
(=) Excess Retained per Share	11.22	12.78	13.83
LTM Dividend per Share	5.49	5.49	5.49
(+) Excess Retained per Share	11.22	12.78	13.83
(=) Adjusted Dividend	16.71	18.27	19.32
WACC / Discount Rate	0.79%	0.79%	0.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,525.27	$3,892.31	$4,153.37
Upside / Downside	520.65%	585.27%	631.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,501.55	1,599.16	1,703.10	1,813.80	1,931.70	2,057.26	2,118.98
Payout Ratio	26.28%	39.03%	51.77%	64.51%	77.26%	90.00%	92.50%
Projected Dividends (M)	394.66	624.10	881.70	1,170.14	1,492.37	1,851.53	1,960.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.79%	0.79%	0.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	613.39	619.21	625.02
Year 2 PV (M)	851.71	867.93	884.31
Year 3 PV (M)	1,110.96	1,142.85	1,175.34
Year 4 PV (M)	1,392.57	1,446.13	1,501.21
Year 5 PV (M)	1,698.09	1,780.11	1,865.26
PV of Terminal Value (M)	179,761.52	188,444.07	197,458.92
Equity Value (M)	185,428.24	194,300.29	203,510.07
Shares Outstanding (M)	71.90	71.90	71.90
Fair Value	$2,579.02	$2,702.42	$2,830.51
Upside / Downside	354.05%	375.78%	398.33%

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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
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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%
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G-bits Network Technology (Xiamen) Co., Ltd. (603444.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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