DDM Analysis: 603609.SS

Valuation Snapshot

Stable Growth	$2.51 - $4.27	$3.28
Multi-Stage	$4.56 - $5.00	$4.78
Blended Fair Value	$4.03
Current Price	$7.98
Upside	-49.52%
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	-17.42%	2.17%	0.11	0.24	0.13	0.33	0.31	0.28	0.17	0.16	0.14	0.08
YoY Growth	-	-	-53.95%	82.58%	-61.18%	6.62%	10.39%	67.31%	2.85%	18.12%	72.67%	-8.07%
Dividend Yield	-	-	1.41%	3.24%	1.08%	3.47%	2.60%	2.22%	1.54%	1.76%	1.16%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	182.45
(-) Cash Dividends Paid (M)	137.27
(=) Cash Retained (M)	45.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.49	22.81	13.68
Cash Retained (M)	45.19	45.19	45.19
(-) Cash Required (M)	-36.49	-22.81	-13.68
(=) Excess Retained (M)	8.70	22.38	31.50
(/) Shares Outstanding (M)	892.40	892.40	892.40
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	0.17%	1.17%	2.17%
Fair Value	$2.51	$3.28	$4.27
Upside / Downside	-68.52%	-58.92%	-46.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	182.45	184.59	186.75	188.93	191.14	193.38	199.18
Payout Ratio	75.23%	78.19%	81.14%	84.09%	87.05%	90.00%	92.50%
Projected Dividends (M)	137.27	144.32	151.53	158.88	166.38	174.04	184.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	0.17%	1.17%	2.17%
Year 1 PV (M)	133.93	135.27	136.61
Year 2 PV (M)	130.50	133.12	135.76
Year 3 PV (M)	126.98	130.82	134.74
Year 4 PV (M)	123.41	128.41	133.56
Year 5 PV (M)	119.79	125.89	132.24
PV of Terminal Value (M)	3,435.32	3,610.25	3,792.23
Equity Value (M)	4,069.93	4,263.76	4,465.15
Shares Outstanding (M)	892.40	892.40	892.40
Fair Value	$4.56	$4.78	$5.00
Upside / Downside	-42.85%	-40.13%	-37.30%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
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PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
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USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
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AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
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STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
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Wellhope Foods Co., Ltd. (603609.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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