DDM Analysis: 600323.SS

Valuation Snapshot

Stable Growth	$237.43 - $460.44	$431.50
Multi-Stage	$71.00 - $77.76	$74.31
Blended Fair Value	$252.91
Current Price	$27.03
Upside	835.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.16%	15.53%	1.09	0.90	0.88	0.77	0.72	0.59	0.47	0.44	0.39	0.41
YoY Growth	-	-	22.13%	1.42%	14.52%	7.26%	21.95%	24.68%	8.30%	11.10%	-4.87%	60.04%
Dividend Yield	-	-	4.58%	5.38%	4.95%	4.13%	2.69%	2.95%	2.71%	3.12%	2.78%	3.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,883.51
(-) Cash Dividends Paid (M)	442.04
(=) Cash Retained (M)	1,441.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	376.70	235.44	141.26
Cash Retained (M)	1,441.46	1,441.46	1,441.46
(-) Cash Required (M)	-376.70	-235.44	-141.26
(=) Excess Retained (M)	1,064.76	1,206.02	1,300.20
(/) Shares Outstanding (M)	813.54	813.54	813.54
(=) Excess Retained per Share	1.31	1.48	1.60
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	1.31	1.48	1.60
(=) Adjusted Dividend	1.85	2.03	2.14
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$237.43	$431.50	$460.44
Upside / Downside	778.40%	1,496.36%	1,603.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,883.51	2,005.93	2,136.32	2,275.18	2,423.07	2,580.57	2,657.98
Payout Ratio	23.47%	36.78%	50.08%	63.39%	76.69%	90.00%	92.50%
Projected Dividends (M)	442.04	737.69	1,069.90	1,442.18	1,858.34	2,322.51	2,458.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	687.30	693.82	700.33
Year 2 PV (M)	928.74	946.43	964.29
Year 3 PV (M)	1,166.40	1,199.88	1,234.00
Year 4 PV (M)	1,400.32	1,454.18	1,509.57
Year 5 PV (M)	1,630.56	1,709.31	1,791.08
PV of Terminal Value (M)	51,945.04	54,454.01	57,059.00
Equity Value (M)	57,758.37	60,457.63	63,258.27
Shares Outstanding (M)	813.54	813.54	813.54
Fair Value	$71.00	$74.31	$77.76
Upside / Downside	162.66%	174.93%	187.67%

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

Ticker

Industry

Sector

Grandblue Environment Co., Ltd. (600323.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener