DDM Analysis: 001379.SZ

Valuation Snapshot

Stable Growth	$3.15 - $4.64	$3.86
Multi-Stage	$5.70 - $6.27	$5.98
Blended Fair Value	$4.92
Current Price	$20.19
Upside	-75.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.18	0.01	0.32	0.26	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	3,496.03%	-98.46%	26.74%	55,206.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.86%	0.03%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.28
(-) Cash Dividends Paid (M)	29.95
(=) Cash Retained (M)	52.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.46	10.28	6.17
Cash Retained (M)	52.32	52.32	52.32
(-) Cash Required (M)	-16.46	-10.28	-6.17
(=) Excess Retained (M)	35.87	42.04	46.15
(/) Shares Outstanding (M)	204.69	204.69	204.69
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.15	$3.86	$4.64
Upside / Downside	-84.42%	-80.87%	-77.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.28	81.45	80.64	79.83	79.03	78.24	80.59
Payout Ratio	36.41%	47.13%	57.84%	68.56%	79.28%	90.00%	92.50%
Projected Dividends (M)	29.95	38.39	46.64	54.73	62.66	70.42	74.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.18	35.54	35.90
Year 2 PV (M)	39.17	39.98	40.79
Year 3 PV (M)	42.13	43.43	44.76
Year 4 PV (M)	44.20	46.03	47.92
Year 5 PV (M)	45.52	47.89	50.36
PV of Terminal Value (M)	960.60	1,010.62	1,062.70
Equity Value (M)	1,166.79	1,223.48	1,282.42
Shares Outstanding (M)	204.69	204.69	204.69
Fair Value	$5.70	$5.98	$6.27
Upside / Downside	-71.77%	-70.40%	-68.97%

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FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
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CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
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FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
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Shandong Tengda Fa (001379.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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