DDM Analysis: 002949.SZ

Valuation Snapshot

Stable Growth	$39.31 - $85.24	$79.88
Multi-Stage	$13.24 - $14.47	$13.85
Blended Fair Value	$46.86
Current Price	$15.80
Upside	196.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.15%	86.34%	0.83	0.32	0.32	0.41	0.21	0.29	0.15	0.36	0.15	0.02
YoY Growth	-	-	158.38%	0.57%	-21.94%	93.78%	-27.94%	96.46%	-58.88%	150.63%	640.02%	1,089.71%
Dividend Yield	-	-	5.10%	2.65%	2.19%	2.67%	1.03%	1.72%	0.51%	2.41%	0.96%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.03
(-) Cash Dividends Paid (M)	68.61
(=) Cash Retained (M)	15.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.81	10.50	6.30
Cash Retained (M)	15.41	15.41	15.41
(-) Cash Required (M)	-16.81	-10.50	-6.30
(=) Excess Retained (M)	-1.39	4.91	9.11
(/) Shares Outstanding (M)	196.04	196.04	196.04
(=) Excess Retained per Share	-0.01	0.03	0.05
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	-0.01	0.03	0.05
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.31	$79.88	$85.24
Upside / Downside	148.81%	405.59%	439.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.03	89.49	95.31	101.50	108.10	115.12	118.58
Payout Ratio	81.66%	83.33%	85.00%	86.66%	88.33%	90.00%	92.50%
Projected Dividends (M)	68.61	74.57	81.00	87.96	95.48	103.61	109.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	69.41	70.07	70.73
Year 2 PV (M)	70.19	71.53	72.88
Year 3 PV (M)	70.95	72.98	75.06
Year 4 PV (M)	71.69	74.45	77.28
Year 5 PV (M)	72.41	75.91	79.54
PV of Terminal Value (M)	2,241.24	2,349.50	2,461.89
Equity Value (M)	2,595.89	2,714.43	2,837.38
Shares Outstanding (M)	196.04	196.04	196.04
Fair Value	$13.24	$13.85	$14.47
Upside / Downside	-16.19%	-12.37%	-8.40%

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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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Shenzhen Capol International & Associatesco., Ltd (002949.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener