DDM Analysis: 002367.SZ

Valuation Snapshot

Stable Growth	$8.48 - $17.20	$11.84
Multi-Stage	$12.32 - $13.52	$12.91
Blended Fair Value	$12.38
Current Price	$6.62
Upside	86.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.84%	9.34%	0.35	0.25	0.30	0.30	0.54	0.53	0.75	0.10	0.20	0.23
YoY Growth	-	-	41.74%	-16.62%	0.18%	-45.36%	2.75%	-29.80%	650.00%	-50.00%	-13.60%	61.53%
Dividend Yield	-	-	4.80%	3.43%	3.62%	4.13%	5.36%	6.45%	8.93%	1.05%	1.51%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.47
(-) Cash Dividends Paid (M)	239.51
(=) Cash Retained (M)	156.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.29	49.56	29.73
Cash Retained (M)	156.95	156.95	156.95
(-) Cash Required (M)	-79.29	-49.56	-29.73
(=) Excess Retained (M)	77.66	107.40	127.22
(/) Shares Outstanding (M)	797.65	797.65	797.65
(=) Excess Retained per Share	0.10	0.13	0.16
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.10	0.13	0.16
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Fair Value	$8.48	$11.84	$17.20
Upside / Downside	28.05%	78.91%	159.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.47	407.43	418.70	430.28	442.18	454.41	468.04
Payout Ratio	60.41%	66.33%	72.25%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	239.51	270.25	302.50	336.33	371.80	408.97	432.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Year 1 PV (M)	251.19	253.66	256.13
Year 2 PV (M)	261.34	266.50	271.71
Year 3 PV (M)	270.08	278.12	286.32
Year 4 PV (M)	277.51	288.58	299.98
Year 5 PV (M)	283.73	297.95	312.73
PV of Terminal Value (M)	8,486.26	8,911.49	9,353.59
Equity Value (M)	9,830.11	10,296.30	10,780.46
Shares Outstanding (M)	797.65	797.65	797.65
Fair Value	$12.32	$12.91	$13.52
Upside / Downside	86.16%	94.99%	104.16%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
LZOEX	Lazard Emerging Markets Equity Portfolio	0.09%	$0.02	36.87%
PWR	Quanta Services, Inc.	0.09%	$0.39	5.78%
AAMI	Acadian Asset Management	0.08%	$0.04	1.59%
PDLB	Ponce Financial Group, Inc.	0.08%	$0.01	1.31%
VRT	Vertiv Holdings Co	0.08%	$0.15	5.48%
0J46.L	HEICO Corporation	0.07%	$0.23	4.98%
0JYM.L	Markel Corporation	0.07%	$1.41	0.87%
CHCI	Comstock Holding Companies, Inc.	0.06%	$0.01	0.56%
MTVC	Motive Capital Corp II	0.06%	$0.01	2.21%
ENJ	Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052	0.05%	$0.01	0.31%
ENO	Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066	0.05%	$0.01	0.31%
AJRD	Aerojet Rocketdyne Holdings, Inc.	0.04%	$0.02	2.70%
ERES	East Resources Acquisition Company	0.04%	$0.00	1.55%
NBN	Northeast Bank	0.04%	$0.04	0.38%
ARHS	Arhaus, Inc.	0.03%	$0.00	0.61%
BSIG	BrightSphere Investment Group Inc.	0.03%	$0.01	0.34%
EWCZ	European Wax Center, Inc.	0.03%	$0.00	0.37%
WIRE	Encore Wire Corporation	0.03%	$0.08	0.42%
ACFN	Acorn Energy, Inc.	0.02%	$0.00	0.09%
ACMR	ACM Research, Inc.	0.02%	$0.01	0.62%
CFB	CrossFirst Bankshares, Inc.	0.02%	$0.00	0.21%
FDSB	Fifth District Savings Bank	0.02%	$0.00	0.35%
GRDN	Guardian Pharmacy Services, Inc.	0.02%	$0.00	0.75%
NVDA	NVIDIA Corporation	0.02%	$0.04	0.98%
AMG	Affiliated Managers Group, Inc.	0.01%	$0.04	0.23%
BSX-PA	Boston Scientific Corporation	0.01%	$0.02	0.82%
FIGR	Figure Technology Solutions, Inc. Class A Common Stock	0.01%	$0.00	2.22%
GNRC	Generac Holdings Inc.	0.01%	$0.01	0.18%
LAUR	Laureate Education, Inc.	0.01%	$0.00	0.22%
PLNT	Planet Fitness, Inc.	0.01%	$0.01	0.57%
SUM	Summit Materials, Inc.	0.01%	$0.00	0.32%
BE	Bloom Energy Corporation	0.00%	$0.00	6.20%
BJRI	BJ's Restaurants, Inc.	0.00%	$0.00	0.01%
CXW	CoreCivic, Inc.	0.00%	$0.00	0.04%
INFA	Informatica Inc.	0.00%	$0.00	0.10%
MMMB	MamaMancini's Holdings, Inc.	0.00%	$0.00	0.04%
PMO	Putnam Municipal Opportunities Trust	0.00%	$0.00	0.05%
SENEA	Seneca Foods Corporation	0.00%	$0.00	0.04%
SLCA	U.S. Silica Holdings, Inc.	0.00%	$0.00	0.02%
UNIT	Uniti Group Inc.	0.00%	$0.00	0.00%

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Canny Elevator Co., Ltd. (002367.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener