DDM Analysis: 300664.SZ

Valuation Snapshot

Stable Growth	$9.65 - $52.01	$17.48
Multi-Stage	$7.37 - $8.08	$7.72
Blended Fair Value	$12.60
Current Price	$5.25
Upside	140.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.01%	6.28%	0.23	0.25	0.17	0.16	0.14	0.15	0.12	0.06	0.11	0.11
YoY Growth	-	-	-6.40%	45.63%	4.06%	20.91%	-10.25%	24.43%	114.55%	-47.53%	-6.37%	-8.93%
Dividend Yield	-	-	4.56%	5.09%	3.10%	2.64%	1.73%	1.74%	1.54%	0.40%	1.26%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	219.53
(-) Cash Dividends Paid (M)	52.06
(=) Cash Retained (M)	167.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.91	27.44	16.46
Cash Retained (M)	167.47	167.47	167.47
(-) Cash Required (M)	-43.91	-27.44	-16.46
(=) Excess Retained (M)	123.56	140.03	151.01
(/) Shares Outstanding (M)	741.73	741.73	741.73
(=) Excess Retained per Share	0.17	0.19	0.20
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.17	0.19	0.20
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$9.65	$17.48	$52.01
Upside / Downside	83.75%	233.02%	890.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	219.53	231.12	243.32	256.16	269.68	283.92	292.43
Payout Ratio	23.72%	36.97%	50.23%	63.49%	76.74%	90.00%	92.50%
Projected Dividends (M)	52.06	85.45	122.22	162.63	206.96	255.53	270.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	79.22	79.98	80.74
Year 2 PV (M)	105.05	107.07	109.12
Year 3 PV (M)	129.59	133.36	137.19
Year 4 PV (M)	152.90	158.85	164.97
Year 5 PV (M)	175.02	183.57	192.46
PV of Terminal Value (M)	4,827.84	5,063.81	5,308.92
Equity Value (M)	5,469.62	5,726.65	5,993.40
Shares Outstanding (M)	741.73	741.73	741.73
Fair Value	$7.37	$7.72	$8.08
Upside / Downside	40.46%	47.06%	53.91%

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

Penyao Environmental Protection Co., Ltd. (300664.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener