DDM Analysis: 603893.SS

Valuation Snapshot

Stable Growth	$45.49 - $96.66	$64.62
Multi-Stage	$32.85 - $35.90	$34.35
Blended Fair Value	$49.48
Current Price	$225.55
Upside	-78.06%
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%	-2.06%	0.20	0.25	0.84	0.49	0.34	0.00	0.05	0.09	0.00	0.00
YoY Growth	-	-	-19.93%	-70.55%	70.23%	44.43%	0.00%	-100.00%	-46.34%	0.00%	-100.00%	-98.15%
Dividend Yield	-	-	0.11%	0.49%	0.93%	0.55%	0.53%	0.00%	0.35%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,022.73
(-) Cash Dividends Paid (M)	104.76
(=) Cash Retained (M)	917.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	204.55	127.84	76.70
Cash Retained (M)	917.97	917.97	917.97
(-) Cash Required (M)	-204.55	-127.84	-76.70
(=) Excess Retained (M)	713.43	790.13	841.27
(/) Shares Outstanding (M)	422.69	422.69	422.69
(=) Excess Retained per Share	1.69	1.87	1.99
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	1.69	1.87	1.99
(=) Adjusted Dividend	1.94	2.12	2.24
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.49	$64.62	$96.66
Upside / Downside	-79.83%	-71.35%	-57.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,022.73	1,089.21	1,160.01	1,235.41	1,315.71	1,401.23	1,443.27
Payout Ratio	10.24%	26.19%	42.15%	58.10%	74.05%	90.00%	92.50%
Projected Dividends (M)	104.76	285.31	488.89	717.74	974.26	1,261.11	1,335.02

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)	256.96	259.40	261.83
Year 2 PV (M)	396.57	404.12	411.75
Year 3 PV (M)	524.35	539.40	554.74
Year 4 PV (M)	641.04	665.70	691.05
Year 5 PV (M)	747.34	783.43	820.91
PV of Terminal Value (M)	11,319.40	11,866.13	12,433.79
Equity Value (M)	13,885.67	14,518.19	15,174.08
Shares Outstanding (M)	422.69	422.69	422.69
Fair Value	$32.85	$34.35	$35.90
Upside / Downside	-85.44%	-84.77%	-84.08%

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MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
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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%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
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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%
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Rockchip Electronics Co., Ltd. (603893.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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