DDM Analysis: 603002.SS

Valuation Snapshot

Stable Growth	$5.26 - $6.21	$5.81
Multi-Stage	$8.71 - $9.63	$9.16
Blended Fair Value	$7.49
Current Price	$7.70
Upside	-2.77%
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	-0.89%	9.86%	0.05	0.15	0.24	0.21	0.04	0.05	0.04	0.01	0.03	0.02
YoY Growth	-	-	-66.36%	-35.68%	12.78%	417.41%	-24.24%	34.92%	231.28%	-56.37%	64.21%	-16.39%
Dividend Yield	-	-	0.87%	2.67%	4.09%	3.61%	0.61%	1.27%	0.90%	0.23%	0.43%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.41
(-) Cash Dividends Paid (M)	31.36
(=) Cash Retained (M)	7.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.68	4.80	2.88
Cash Retained (M)	7.05	7.05	7.05
(-) Cash Required (M)	-7.68	-4.80	-2.88
(=) Excess Retained (M)	-0.63	2.25	4.17
(/) Shares Outstanding (M)	1,134.08	1,134.08	1,134.08
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	-19.87%	-19.87%	-19.87%
Growth Rate	-2.89%	-1.89%	-0.89%
Fair Value	$5.26	$5.81	$6.21
Upside / Downside	-31.66%	-24.49%	-19.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.41	37.68	36.97	36.27	35.59	34.91	35.96
Payout Ratio	81.64%	83.31%	84.99%	86.66%	88.33%	90.00%	92.50%
Projected Dividends (M)	31.36	31.39	31.42	31.43	31.43	31.42	33.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.87%	-19.87%	-19.87%
Growth Rate	-2.89%	-1.89%	-0.89%
Year 1 PV (M)	38.78	39.18	39.57
Year 2 PV (M)	47.93	48.93	49.93
Year 3 PV (M)	59.23	61.08	62.97
Year 4 PV (M)	73.17	76.23	79.38
Year 5 PV (M)	90.34	95.09	100.04
PV of Terminal Value (M)	9,563.98	10,066.65	10,590.23
Equity Value (M)	9,873.43	10,387.15	10,922.12
Shares Outstanding (M)	1,134.08	1,134.08	1,134.08
Fair Value	$8.71	$9.16	$9.63
Upside / Downside	13.07%	18.95%	25.08%

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

Epoxy Base Electronic Material Corporation Limited (603002.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener