DDM Analysis: 002096.SZ

Valuation Snapshot

Stable Growth	$13.06 - $28.54	$18.74
Multi-Stage	$9.24 - $10.10	$9.66
Blended Fair Value	$14.20
Current Price	$13.84
Upside	2.59%
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	105.10%	21.92%	0.22	0.03	0.20	0.01	0.01	0.01	0.01	0.01	0.01	0.04
YoY Growth	-	-	624.14%	-85.11%	3,266.67%	0.00%	0.00%	0.00%	-50.00%	0.00%	-66.67%	20.00%
Dividend Yield	-	-	1.91%	0.26%	1.60%	0.05%	0.06%	0.10%	0.08%	0.16%	0.09%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	833.10
(-) Cash Dividends Paid (M)	16.32
(=) Cash Retained (M)	816.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.62	104.14	62.48
Cash Retained (M)	816.78	816.78	816.78
(-) Cash Required (M)	-166.62	-104.14	-62.48
(=) Excess Retained (M)	650.16	712.65	754.30
(/) Shares Outstanding (M)	1,240.65	1,240.65	1,240.65
(=) Excess Retained per Share	0.52	0.57	0.61
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.52	0.57	0.61
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.06	$18.74	$28.54
Upside / Downside	-5.64%	35.37%	106.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	833.10	887.25	944.92	1,006.34	1,071.75	1,141.42	1,175.66
Payout Ratio	1.96%	19.57%	37.18%	54.78%	72.39%	90.00%	92.50%
Projected Dividends (M)	16.32	173.61	351.28	551.31	775.86	1,027.28	1,087.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	156.57	158.05	159.54
Year 2 PV (M)	285.71	291.16	296.65
Year 3 PV (M)	404.41	416.02	427.85
Year 4 PV (M)	513.28	533.02	553.32
Year 5 PV (M)	612.92	642.52	673.26
PV of Terminal Value (M)	9,486.10	9,944.29	10,420.00
Equity Value (M)	11,459.00	11,985.06	12,530.62
Shares Outstanding (M)	1,240.65	1,240.65	1,240.65
Fair Value	$9.24	$9.66	$10.10
Upside / Downside	-33.26%	-30.20%	-27.02%

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

Hunan Nanling Industrial Explosive Materials Co., Ltd. (002096.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener