DDM Analysis: 603236.SS

Valuation Snapshot

Stable Growth	$118.63 - $591.55	$211.90
Multi-Stage	$70.72 - $77.37	$73.98
Blended Fair Value	$142.94
Current Price	$105.12
Upside	35.98%
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	115.48%	87.04%	0.62	1.07	0.55	0.34	0.20	0.01	0.01	0.00	0.01	0.00
YoY Growth	-	-	-42.22%	94.64%	61.66%	66.97%	1,430.06%	56.02%	0.00%	-100.00%	212.42%	37.10%
Dividend Yield	-	-	0.70%	2.62%	0.64%	0.34%	0.23%	0.02%	0.04%	0.00%	0.02%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	965.04
(-) Cash Dividends Paid (M)	140.52
(=) Cash Retained (M)	824.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.01	120.63	72.38
Cash Retained (M)	824.52	824.52	824.52
(-) Cash Required (M)	-193.01	-120.63	-72.38
(=) Excess Retained (M)	631.51	703.89	752.14
(/) Shares Outstanding (M)	262.17	262.17	262.17
(=) Excess Retained per Share	2.41	2.68	2.87
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	2.41	2.68	2.87
(=) Adjusted Dividend	2.94	3.22	3.40
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$118.63	$211.90	$591.55
Upside / Downside	12.86%	101.58%	462.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	965.04	1,027.77	1,094.57	1,165.72	1,241.49	1,322.19	1,361.86
Payout Ratio	14.56%	29.65%	44.74%	59.82%	74.91%	90.00%	92.50%
Projected Dividends (M)	140.52	304.72	489.68	697.39	930.03	1,189.97	1,259.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	279.20	281.84	284.49
Year 2 PV (M)	411.07	418.90	426.80
Year 3 PV (M)	536.39	551.79	567.48
Year 4 PV (M)	655.40	680.60	706.53
Year 5 PV (M)	768.33	805.44	843.97
PV of Terminal Value (M)	15,889.78	16,657.27	17,454.12
Equity Value (M)	18,540.16	19,395.83	20,283.38
Shares Outstanding (M)	262.17	262.17	262.17
Fair Value	$70.72	$73.98	$77.37
Upside / Downside	-32.73%	-29.62%	-26.40%

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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%
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%
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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%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
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Quectel Wireless Solutions Co., Ltd. (603236.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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