DDM Analysis: 603966.SS

Valuation Snapshot

Stable Growth	$12.31 - $29.25	$18.17
Multi-Stage	$8.50 - $9.29	$8.89
Blended Fair Value	$13.53
Current Price	$10.87
Upside	24.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.34%	27.05%	0.27	0.25	0.20	0.19	0.07	0.05	0.04	0.05	0.05	0.02
YoY Growth	-	-	4.63%	24.57%	9.55%	158.72%	58.17%	16.10%	-17.30%	4.99%	86.03%	0.00%
Dividend Yield	-	-	2.87%	2.98%	1.73%	2.29%	0.82%	0.80%	0.57%	0.70%	0.28%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.81
(-) Cash Dividends Paid (M)	8.49
(=) Cash Retained (M)	206.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.96	26.85	16.11
Cash Retained (M)	206.31	206.31	206.31
(-) Cash Required (M)	-42.96	-26.85	-16.11
(=) Excess Retained (M)	163.35	179.46	190.20
(/) Shares Outstanding (M)	371.26	371.26	371.26
(=) Excess Retained per Share	0.44	0.48	0.51
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.44	0.48	0.51
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	9.47%	9.47%	9.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.31	$18.17	$29.25
Upside / Downside	13.24%	67.17%	169.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.81	228.77	243.64	259.47	276.34	294.30	303.13
Payout Ratio	3.95%	21.16%	38.37%	55.58%	72.79%	90.00%	92.50%
Projected Dividends (M)	8.49	48.41	93.49	144.22	201.15	264.87	280.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.47%	9.47%	9.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.81	44.23	44.64
Year 2 PV (M)	76.56	78.02	79.49
Year 3 PV (M)	106.88	109.94	113.07
Year 4 PV (M)	134.89	140.08	145.42
Year 5 PV (M)	160.74	168.51	176.57
PV of Terminal Value (M)	2,631.20	2,758.29	2,890.24
Equity Value (M)	3,154.09	3,299.07	3,449.43
Shares Outstanding (M)	371.26	371.26	371.26
Fair Value	$8.50	$8.89	$9.29
Upside / Downside	-21.84%	-18.25%	-14.52%

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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%
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%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
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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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
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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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Eurocrane (China) Co., Ltd. (603966.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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