DDM Analysis: 002978.SZ

Valuation Snapshot

Stable Growth	$88.45 - $351.78	$239.65
Multi-Stage	$42.78 - $46.80	$44.75
Blended Fair Value	$142.20
Current Price	$32.36
Upside	339.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	127.76%	32.55%	0.91	0.88	0.97	1.55	0.22	0.01	0.64	0.17	0.07	0.18
YoY Growth	-	-	2.38%	-9.09%	-37.14%	600.00%	1,396.68%	-97.68%	280.61%	132.90%	-60.87%	238.99%
Dividend Yield	-	-	2.77%	2.69%	2.61%	4.18%	0.50%	0.04%	1.61%	0.42%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	801.90
(-) Cash Dividends Paid (M)	256.50
(=) Cash Retained (M)	545.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	160.38	100.24	60.14
Cash Retained (M)	545.39	545.39	545.39
(-) Cash Required (M)	-160.38	-100.24	-60.14
(=) Excess Retained (M)	385.01	445.16	485.25
(/) Shares Outstanding (M)	453.35	453.35	453.35
(=) Excess Retained per Share	0.85	0.98	1.07
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.85	0.98	1.07
(=) Adjusted Dividend	1.42	1.55	1.64
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.45	$239.65	$351.78
Upside / Downside	173.34%	640.58%	987.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	801.90	854.02	909.53	968.65	1,031.62	1,098.67	1,131.63
Payout Ratio	31.99%	43.59%	55.19%	66.79%	78.40%	90.00%	92.50%
Projected Dividends (M)	256.50	372.27	501.99	647.01	808.76	988.80	1,046.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	344.04	347.30	350.56
Year 2 PV (M)	428.76	436.92	445.17
Year 3 PV (M)	510.72	525.38	540.32
Year 4 PV (M)	590.00	612.69	636.02
Year 5 PV (M)	666.65	698.85	732.28
PV of Terminal Value (M)	16,851.85	17,665.80	18,510.90
Equity Value (M)	19,392.02	20,286.95	21,215.26
Shares Outstanding (M)	453.35	453.35	453.35
Fair Value	$42.78	$44.75	$46.80
Upside / Downside	32.19%	38.29%	44.61%

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

Sichuan Anning Iron and Titanium Co.,Ltd. (002978.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener