DDM Analysis: 000429.SZ

Valuation Snapshot

Stable Growth	$7.14 - $10.84	$8.88
Multi-Stage	$21.31 - $23.54	$22.40
Blended Fair Value	$15.64
Current Price	$10.89
Upside	43.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.24%	11.07%	0.66	0.55	0.68	0.43	0.57	0.78	0.64	0.47	0.27	0.28
YoY Growth	-	-	20.17%	-19.44%	57.63%	-24.51%	-26.39%	22.39%	34.65%	77.68%	-5.81%	22.16%
Dividend Yield	-	-	4.66%	5.52%	9.04%	5.45%	7.64%	11.52%	6.99%	5.93%	3.53%	5.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,750.89
(-) Cash Dividends Paid (M)	171.95
(=) Cash Retained (M)	1,578.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	350.18	218.86	131.32
Cash Retained (M)	1,578.94	1,578.94	1,578.94
(-) Cash Required (M)	-350.18	-218.86	-131.32
(=) Excess Retained (M)	1,228.76	1,360.08	1,447.62
(/) Shares Outstanding (M)	2,105.86	2,105.86	2,105.86
(=) Excess Retained per Share	0.58	0.65	0.69
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.58	0.65	0.69
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	5.60%	5.60%	5.60%
Growth Rate	-3.40%	-2.40%	-1.40%
Fair Value	$7.14	$8.88	$10.84
Upside / Downside	-34.40%	-18.44%	-0.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,750.89	1,708.93	1,667.97	1,628.00	1,588.98	1,550.90	1,597.43
Payout Ratio	9.82%	25.86%	41.89%	57.93%	73.96%	90.00%	92.50%
Projected Dividends (M)	171.95	441.87	698.76	943.07	1,175.28	1,395.81	1,477.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.60%	5.60%	5.60%
Growth Rate	-3.40%	-2.40%	-1.40%
Year 1 PV (M)	414.16	418.45	422.74
Year 2 PV (M)	613.86	626.64	639.54
Year 3 PV (M)	776.54	800.90	825.77
Year 4 PV (M)	907.05	945.19	984.53
Year 5 PV (M)	1,009.69	1,063.04	1,118.63
PV of Terminal Value (M)	41,144.28	43,318.37	45,583.41
Equity Value (M)	44,865.58	47,172.60	49,574.62
Shares Outstanding (M)	2,105.86	2,105.86	2,105.86
Fair Value	$21.31	$22.40	$23.54
Upside / Downside	95.64%	105.70%	116.17%

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

Guangdong Provincial Expressway Development Co., Ltd. (000429.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener