DDM Analysis: 002896.SZ

Valuation Snapshot

Stable Growth	$70.69 - $83.29	$78.05
Multi-Stage	$48.87 - $53.63	$51.20
Blended Fair Value	$64.63
Current Price	$96.53
Upside	-33.05%
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	-5.15%	4.37%	0.08	0.08	0.21	0.22	0.09	0.11	0.12	0.04	0.04	0.05
YoY Growth	-	-	0.73%	-59.77%	-3.35%	152.59%	-22.39%	-6.56%	229.46%	-12.23%	-25.94%	-0.21%
Dividend Yield	-	-	0.13%	0.31%	1.01%	1.89%	0.81%	1.22%	0.73%	0.19%	0.53%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.82
(-) Cash Dividends Paid (M)	41.12
(=) Cash Retained (M)	31.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.56	9.10	5.46
Cash Retained (M)	31.70	31.70	31.70
(-) Cash Required (M)	-14.56	-9.10	-5.46
(=) Excess Retained (M)	17.13	22.60	26.24
(/) Shares Outstanding (M)	173.28	173.28	173.28
(=) Excess Retained per Share	0.10	0.13	0.15
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.10	0.13	0.15
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	1.77%	1.77%	1.77%
Growth Rate	5.12%	6.12%	7.12%
Fair Value	$70.69	$78.05	$83.29
Upside / Downside	-26.77%	-19.14%	-13.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.82	77.28	82.01	87.04	92.37	98.02	100.96
Payout Ratio	56.47%	63.18%	69.88%	76.59%	83.29%	90.00%	92.50%
Projected Dividends (M)	41.12	48.82	57.31	66.66	76.94	88.22	93.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.77%	1.77%	1.77%
Growth Rate	5.12%	6.12%	7.12%
Year 1 PV (M)	47.52	47.97	48.43
Year 2 PV (M)	54.30	55.33	56.38
Year 3 PV (M)	61.47	63.24	65.04
Year 4 PV (M)	69.05	71.71	74.45
Year 5 PV (M)	77.06	80.80	84.68
PV of Terminal Value (M)	8,158.00	8,553.48	8,964.14
Equity Value (M)	8,467.40	8,872.53	9,293.12
Shares Outstanding (M)	173.28	173.28	173.28
Fair Value	$48.87	$51.20	$53.63
Upside / Downside	-49.38%	-46.96%	-44.44%

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

Ningbo ZhongDa Leader Intelligent Transmission Co., Ltd. (002896.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener