DDM Analysis: 000930.SZ

Valuation Snapshot

Stable Growth	$0.24 - $0.32	$0.28
Multi-Stage	$0.55 - $0.61	$0.58
Blended Fair Value	$0.43
Current Price	$5.95
Upside	-92.75%
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	-13.76%	-5.59%	0.05	0.63	0.30	0.15	0.09	0.11	0.10	0.42	0.07	0.10
YoY Growth	-	-	-92.03%	111.32%	100.02%	68.75%	-16.15%	2.34%	-75.32%	490.82%	-27.32%	8.79%
Dividend Yield	-	-	0.93%	10.51%	3.52%	1.56%	0.98%	1.34%	1.16%	3.13%	0.54%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.71
(-) Cash Dividends Paid (M)	68.12
(=) Cash Retained (M)	26.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.94	11.84	7.10
Cash Retained (M)	26.59	26.59	26.59
(-) Cash Required (M)	-18.94	-11.84	-7.10
(=) Excess Retained (M)	7.64	14.75	19.48
(/) Shares Outstanding (M)	1,858.82	1,858.82	1,858.82
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.04	0.04	0.05
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-7.59%	-6.59%	-5.59%
Fair Value	$0.24	$0.28	$0.32
Upside / Downside	-96.00%	-95.28%	-94.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.71	88.47	82.65	77.20	72.12	67.37	69.39
Payout Ratio	71.93%	75.54%	79.16%	82.77%	86.39%	90.00%	92.50%
Projected Dividends (M)	68.12	66.84	65.42	63.90	62.30	60.63	64.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-7.59%	-6.59%	-5.59%
Year 1 PV (M)	61.09	61.75	62.41
Year 2 PV (M)	54.66	55.85	57.05
Year 3 PV (M)	48.80	50.40	52.04
Year 4 PV (M)	43.49	45.40	47.38
Year 5 PV (M)	38.69	40.82	43.06
PV of Terminal Value (M)	782.70	825.97	871.14
Equity Value (M)	1,029.42	1,080.20	1,133.07
Shares Outstanding (M)	1,858.82	1,858.82	1,858.82
Fair Value	$0.55	$0.58	$0.61
Upside / Downside	-90.69%	-90.23%	-89.76%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
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CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
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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%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
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%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
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%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
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%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
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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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
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COFCO Biotechnology Co., Ltd. (000930.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener