DDM Analysis: 000967.SZ

Valuation Snapshot

Stable Growth	$20.02 - $23.60	$22.11
Multi-Stage	$12.35 - $13.60	$12.96
Blended Fair Value	$17.53
Current Price	$7.19
Upside	143.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.18%	25.82%	0.17	0.15	0.14	0.16	0.16	0.14	0.20	0.03	0.02	0.02
YoY Growth	-	-	12.01%	5.40%	-10.41%	0.41%	15.56%	-32.47%	521.12%	42.96%	35.60%	-0.37%
Dividend Yield	-	-	2.73%	2.92%	2.67%	3.08%	1.88%	2.35%	2.82%	0.41%	0.22%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	381.20
(-) Cash Dividends Paid (M)	107.24
(=) Cash Retained (M)	273.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.24	47.65	28.59
Cash Retained (M)	273.97	273.97	273.97
(-) Cash Required (M)	-76.24	-47.65	-28.59
(=) Excess Retained (M)	197.73	226.32	245.38
(/) Shares Outstanding (M)	3,113.87	3,113.87	3,113.87
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	1.69%	1.69%	1.69%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$20.02	$22.11	$23.60
Upside / Downside	178.37%	207.45%	228.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	381.20	393.34	405.86	418.78	432.11	445.87	459.24
Payout Ratio	28.13%	40.50%	52.88%	65.25%	77.63%	90.00%	92.50%
Projected Dividends (M)	107.24	159.32	214.61	273.26	335.43	401.28	424.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.69%	1.69%	1.69%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	155.15	156.67	158.18
Year 2 PV (M)	203.52	207.52	211.56
Year 3 PV (M)	252.35	259.83	267.46
Year 4 PV (M)	301.65	313.63	325.97
Year 5 PV (M)	351.42	368.95	387.18
PV of Terminal Value (M)	37,201.42	39,057.73	40,987.41
Equity Value (M)	38,465.51	40,364.34	42,337.77
Shares Outstanding (M)	3,113.87	3,113.87	3,113.87
Fair Value	$12.35	$12.96	$13.60
Upside / Downside	71.81%	80.29%	89.10%

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

Infore Environment Technology Group Co., Ltd. (000967.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener