DDM Analysis: 002346.SZ

Valuation Snapshot

Stable Growth	$97.37 - $265.49	$248.81
Multi-Stage	$36.88 - $40.39	$38.60
Blended Fair Value	$143.70
Current Price	$18.24
Upside	687.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.97%	19.57%	0.25	0.20	0.20	0.21	0.21	0.21	0.21	0.10	0.11	0.01
YoY Growth	-	-	23.10%	-0.81%	-0.49%	0.00%	0.00%	0.00%	100.00%	-8.55%	1,339.60%	-81.33%
Dividend Yield	-	-	2.15%	2.03%	1.52%	1.51%	1.99%	2.00%	1.29%	0.53%	0.27%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	572.98
(-) Cash Dividends Paid (M)	105.88
(=) Cash Retained (M)	467.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114.60	71.62	42.97
Cash Retained (M)	467.10	467.10	467.10
(-) Cash Required (M)	-114.60	-71.62	-42.97
(=) Excess Retained (M)	352.51	395.48	424.13
(/) Shares Outstanding (M)	429.21	429.21	429.21
(=) Excess Retained per Share	0.82	0.92	0.99
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.82	0.92	0.99
(=) Adjusted Dividend	1.07	1.17	1.23
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$97.37	$248.81	$265.49
Upside / Downside	433.84%	1,264.07%	1,355.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	572.98	610.23	649.89	692.13	737.12	785.04	808.59
Payout Ratio	18.48%	32.78%	47.09%	61.39%	75.70%	90.00%	92.50%
Projected Dividends (M)	105.88	200.05	306.02	424.91	557.97	706.53	747.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	185.80	187.56	189.33
Year 2 PV (M)	263.98	269.01	274.08
Year 3 PV (M)	340.44	350.21	360.17
Year 4 PV (M)	415.21	431.17	447.60
Year 5 PV (M)	488.31	511.90	536.39
PV of Terminal Value (M)	14,134.99	14,817.71	15,526.57
Equity Value (M)	15,828.72	16,567.56	17,334.13
Shares Outstanding (M)	429.21	429.21	429.21
Fair Value	$36.88	$38.60	$40.39
Upside / Downside	102.19%	111.62%	121.42%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Shanghai Zhezhong Group Co.,Ltd (002346.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener