DDM Analysis: 603009.SS

Valuation Snapshot

Stable Growth	$10.35 - $59.86	$19.27
Multi-Stage	$6.24 - $6.82	$6.52
Blended Fair Value	$12.90
Current Price	$55.13
Upside	-76.60%
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	0.92%	0.00%	0.16	0.16	0.18	0.11	0.10	0.16	0.17	0.05	0.13	0.12
YoY Growth	-	-	1.85%	-12.52%	63.16%	17.52%	-38.73%	-5.97%	234.87%	-61.19%	3.15%	0.00%
Dividend Yield	-	-	0.37%	1.00%	2.73%	1.81%	1.78%	2.37%	2.07%	0.43%	0.65%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103.30
(-) Cash Dividends Paid (M)	60.63
(=) Cash Retained (M)	42.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.66	12.91	7.75
Cash Retained (M)	42.67	42.67	42.67
(-) Cash Required (M)	-20.66	-12.91	-7.75
(=) Excess Retained (M)	22.01	29.75	34.92
(/) Shares Outstanding (M)	343.21	343.21	343.21
(=) Excess Retained per Share	0.06	0.09	0.10
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.06	0.09	0.10
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	7.96%	7.96%	7.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.35	$19.27	$59.86
Upside / Downside	-81.23%	-65.04%	8.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.30	110.01	117.16	124.78	132.89	141.53	145.77
Payout Ratio	58.70%	64.96%	71.22%	77.48%	83.74%	90.00%	92.50%
Projected Dividends (M)	60.63	71.46	83.44	96.67	111.28	127.37	134.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.96%	7.96%	7.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.57	66.19	66.81
Year 2 PV (M)	70.26	71.60	72.95
Year 3 PV (M)	74.70	76.84	79.02
Year 4 PV (M)	78.90	81.93	85.05
Year 5 PV (M)	82.87	86.87	91.02
PV of Terminal Value (M)	1,770.31	1,855.82	1,944.60
Equity Value (M)	2,142.59	2,239.24	2,339.45
Shares Outstanding (M)	343.21	343.21	343.21
Fair Value	$6.24	$6.52	$6.82
Upside / Downside	-88.68%	-88.17%	-87.64%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
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%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
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%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Shanghai Beite Technology Co., Ltd. (603009.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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