DDM Analysis: 002899.SZ

Valuation Snapshot

Stable Growth	$11.12 - $26.03	$16.34
Multi-Stage	$10.45 - $11.44	$10.94
Blended Fair Value	$13.64
Current Price	$22.88
Upside	-40.40%
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	30.58%	-2.81%	0.30	0.27	0.19	0.10	0.00	0.08	0.06	0.06	0.11	0.12
YoY Growth	-	-	8.34%	47.05%	93.34%	66,120.84%	-99.81%	21.74%	-0.02%	-43.34%	-5.06%	-69.74%
Dividend Yield	-	-	1.35%	1.88%	1.37%	0.68%	0.00%	0.62%	0.39%	0.26%	0.49%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.56
(-) Cash Dividends Paid (M)	28.69
(=) Cash Retained (M)	43.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.51	9.07	5.44
Cash Retained (M)	43.87	43.87	43.87
(-) Cash Required (M)	-14.51	-9.07	-5.44
(=) Excess Retained (M)	29.36	34.80	38.43
(/) Shares Outstanding (M)	134.52	134.52	134.52
(=) Excess Retained per Share	0.22	0.26	0.29
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.22	0.26	0.29
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$11.12	$16.34	$26.03
Upside / Downside	-51.40%	-28.60%	13.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.56	76.04	79.69	83.52	87.54	91.74	94.49
Payout Ratio	39.54%	49.63%	59.72%	69.82%	79.91%	90.00%	92.50%
Projected Dividends (M)	28.69	37.74	47.60	58.31	69.95	82.57	87.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	34.66	35.00	35.33
Year 2 PV (M)	40.16	40.93	41.72
Year 3 PV (M)	45.19	46.51	47.85
Year 4 PV (M)	49.79	51.73	53.74
Year 5 PV (M)	53.98	56.63	59.39
PV of Terminal Value (M)	1,182.60	1,240.68	1,301.01
Equity Value (M)	1,406.38	1,471.48	1,539.03
Shares Outstanding (M)	134.52	134.52	134.52
Fair Value	$10.45	$10.94	$11.44
Upside / Downside	-54.31%	-52.19%	-50.00%

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

Impulse (Qingdao) Health Tech Co.,Ltd. (002899.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener