DDM Analysis: 688111.SS

Valuation Snapshot

Stable Growth	$72.26 - $153.43	$102.62
Multi-Stage	$51.53 - $56.34	$53.89
Blended Fair Value	$78.26
Current Price	$316.50
Upside	-75.27%
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	0.00%	0.00%	0.88	0.73	0.70	0.60	0.30	0.00	0.40	0.03	0.00	0.00
YoY Growth	-	-	20.66%	4.35%	16.67%	100.00%	0.00%	-100.00%	1,063.16%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.29%	0.24%	0.15%	0.32%	0.09%	0.00%	0.31%	0.03%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,783.64
(-) Cash Dividends Paid (M)	15.38
(=) Cash Retained (M)	1,768.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	356.73	222.96	133.77
Cash Retained (M)	1,768.26	1,768.26	1,768.26
(-) Cash Required (M)	-356.73	-222.96	-133.77
(=) Excess Retained (M)	1,411.53	1,545.30	1,634.48
(/) Shares Outstanding (M)	463.74	463.74	463.74
(=) Excess Retained per Share	3.04	3.33	3.52
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	3.04	3.33	3.52
(=) Adjusted Dividend	3.08	3.37	3.56
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.26	$102.62	$153.43
Upside / Downside	-77.17%	-67.58%	-51.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,783.64	1,899.58	2,023.05	2,154.55	2,294.59	2,443.74	2,517.06
Payout Ratio	0.86%	18.69%	36.52%	54.35%	72.17%	90.00%	92.50%
Projected Dividends (M)	15.38	355.03	738.77	1,170.89	1,656.07	2,199.37	2,328.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	319.75	322.78	325.81
Year 2 PV (M)	599.22	610.63	622.15
Year 3 PV (M)	855.33	879.88	904.90
Year 4 PV (M)	1,089.52	1,131.42	1,174.51
Year 5 PV (M)	1,303.15	1,366.09	1,431.44
PV of Terminal Value (M)	19,728.28	20,681.16	21,670.51
Equity Value (M)	23,895.24	24,991.97	26,129.34
Shares Outstanding (M)	463.74	463.74	463.74
Fair Value	$51.53	$53.89	$56.34
Upside / Downside	-83.72%	-82.97%	-82.20%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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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%
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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%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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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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Beijing Kingsoft Office Software, Inc. (688111.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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