DDM Analysis: 603856.SS

Valuation Snapshot

Stable Growth	$13.51 - $31.31	$19.78
Multi-Stage	$9.61 - $10.49	$10.04
Blended Fair Value	$14.91
Current Price	$11.51
Upside	29.52%
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	10.67%	13.98%	0.29	0.17	0.15	0.36	0.23	0.17	0.14	0.05	0.05	0.09
YoY Growth	-	-	72.35%	12.76%	-58.44%	57.65%	30.39%	27.19%	170.67%	-2.17%	-39.70%	9.76%
Dividend Yield	-	-	2.56%	1.57%	1.29%	2.50%	1.46%	1.56%	1.08%	0.38%	0.43%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174.72
(-) Cash Dividends Paid (M)	37.44
(=) Cash Retained (M)	137.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.94	21.84	13.10
Cash Retained (M)	137.28	137.28	137.28
(-) Cash Required (M)	-34.94	-21.84	-13.10
(=) Excess Retained (M)	102.34	115.44	124.18
(/) Shares Outstanding (M)	268.46	268.46	268.46
(=) Excess Retained per Share	0.38	0.43	0.46
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.38	0.43	0.46
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	9.57%	9.57%	9.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.51	$19.78	$31.31
Upside / Downside	17.35%	71.81%	172.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174.72	186.08	198.17	211.05	224.77	239.38	246.56
Payout Ratio	21.43%	35.14%	48.86%	62.57%	76.29%	90.00%	92.50%
Projected Dividends (M)	37.44	65.39	96.82	132.06	171.47	215.44	228.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.57%	9.57%	9.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.12	59.68	60.24
Year 2 PV (M)	79.15	80.65	82.17
Year 3 PV (M)	97.60	100.40	103.26
Year 4 PV (M)	114.57	118.98	123.51
Year 5 PV (M)	130.15	136.44	142.97
PV of Terminal Value (M)	2,098.14	2,199.48	2,304.70
Equity Value (M)	2,578.73	2,695.63	2,816.85
Shares Outstanding (M)	268.46	268.46	268.46
Fair Value	$9.61	$10.04	$10.49
Upside / Downside	-16.55%	-12.76%	-8.84%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 25 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Shandong Donghong Pipe Industry Co., Ltd. (603856.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener