DDM Analysis: 002400.SZ

Valuation Snapshot

Stable Growth	$10.24 - $12.06	$11.30
Multi-Stage	$4.21 - $4.61	$4.40
Blended Fair Value	$7.85
Current Price	$8.50
Upside	-7.60%
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	8.58%	2.92%	0.05	0.06	0.02	0.02	0.03	0.03	0.04	0.07	0.08	0.06
YoY Growth	-	-	-23.34%	224.80%	-8.49%	-40.25%	10.85%	-29.58%	-42.51%	-9.72%	49.63%	61.52%
Dividend Yield	-	-	0.58%	0.96%	0.31%	0.39%	0.69%	1.07%	1.03%	1.57%	0.78%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.80
(-) Cash Dividends Paid (M)	77.23
(=) Cash Retained (M)	28.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.16	13.22	7.93
Cash Retained (M)	28.57	28.57	28.57
(-) Cash Required (M)	-21.16	-13.22	-7.93
(=) Excess Retained (M)	7.41	15.34	20.63
(/) Shares Outstanding (M)	1,744.36	1,744.36	1,744.36
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	4.53%	4.53%	4.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.24	$11.30	$12.06
Upside / Downside	20.45%	32.99%	41.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.80	112.68	120.00	127.80	136.11	144.95	149.30
Payout Ratio	73.00%	76.40%	79.80%	83.20%	86.60%	90.00%	92.50%
Projected Dividends (M)	77.23	86.08	95.76	106.33	117.87	130.46	138.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.53%	4.53%	4.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.58	82.35	83.12
Year 2 PV (M)	85.99	87.63	89.29
Year 3 PV (M)	90.49	93.09	95.73
Year 4 PV (M)	95.06	98.71	102.47
Year 5 PV (M)	99.70	104.52	109.52
PV of Terminal Value (M)	6,883.15	7,215.61	7,560.79
Equity Value (M)	7,335.97	7,681.91	8,040.92
Shares Outstanding (M)	1,744.36	1,744.36	1,744.36
Fair Value	$4.21	$4.40	$4.61
Upside / Downside	-50.52%	-48.19%	-45.77%

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 Advertising Group Co.,Ltd (002400.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener