DDM Analysis: 603737.SS

Valuation Snapshot

Stable Growth	$177.64 - $209.29	$196.14
Multi-Stage	$55.36 - $60.67	$57.96
Blended Fair Value	$127.05
Current Price	$47.88
Upside	165.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.25%	20.01%	0.44	0.30	0.25	0.42	0.31	0.17	0.11	0.07	0.07	0.05
YoY Growth	-	-	49.46%	17.90%	-40.22%	33.74%	86.02%	58.45%	43.71%	3.90%	49.93%	-33.33%
Dividend Yield	-	-	1.20%	1.25%	0.42%	0.93%	0.43%	0.73%	0.92%	0.75%	0.69%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	665.21
(-) Cash Dividends Paid (M)	297.64
(=) Cash Retained (M)	367.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	133.04	83.15	49.89
Cash Retained (M)	367.57	367.57	367.57
(-) Cash Required (M)	-133.04	-83.15	-49.89
(=) Excess Retained (M)	234.53	284.42	317.68
(/) Shares Outstanding (M)	632.10	632.10	632.10
(=) Excess Retained per Share	0.37	0.45	0.50
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.37	0.45	0.50
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	4.99%	4.99%	4.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$177.64	$196.14	$209.29
Upside / Downside	271.02%	309.64%	337.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	665.21	708.45	754.50	803.54	855.77	911.40	938.74
Payout Ratio	44.74%	53.80%	62.85%	71.90%	80.95%	90.00%	92.50%
Projected Dividends (M)	297.64	381.11	474.18	577.73	692.74	820.26	868.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.99%	4.99%	4.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	359.58	362.99	366.39
Year 2 PV (M)	422.10	430.14	438.26
Year 3 PV (M)	485.22	499.15	513.34
Year 4 PV (M)	548.94	570.05	591.77
Year 5 PV (M)	613.26	642.88	673.64
PV of Terminal Value (M)	32,561.71	34,134.45	35,767.39
Equity Value (M)	34,990.82	36,639.67	38,350.79
Shares Outstanding (M)	632.10	632.10	632.10
Fair Value	$55.36	$57.96	$60.67
Upside / Downside	15.61%	21.06%	26.72%

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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%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
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%
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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%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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SKSHU Paint Co.,Ltd. (603737.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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