DDM Analysis: 600031.SS

Valuation Snapshot

Stable Growth	$30.84 - $150.74	$54.87
Multi-Stage	$24.30 - $26.60	$25.43
Blended Fair Value	$40.15
Current Price	$23.24
Upside	72.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.25%	12.36%	0.35	0.16	0.45	0.66	0.42	0.26	0.15	0.03	0.01	0.04
YoY Growth	-	-	111.06%	-63.45%	-31.67%	57.61%	62.97%	73.92%	442.53%	201.48%	-79.18%	-60.00%
Dividend Yield	-	-	1.82%	1.10%	2.63%	3.75%	1.22%	1.48%	1.14%	0.34%	0.12%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,243.08
(-) Cash Dividends Paid (M)	3,508.56
(=) Cash Retained (M)	4,734.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,648.62	1,030.39	618.23
Cash Retained (M)	4,734.52	4,734.52	4,734.52
(-) Cash Required (M)	-1,648.62	-1,030.39	-618.23
(=) Excess Retained (M)	3,085.90	3,704.13	4,116.29
(/) Shares Outstanding (M)	8,459.21	8,459.21	8,459.21
(=) Excess Retained per Share	0.36	0.44	0.49
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.36	0.44	0.49
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.25%	5.25%	6.25%
Fair Value	$30.84	$54.87	$150.74
Upside / Downside	32.69%	136.12%	548.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,243.08	8,675.64	9,130.90	9,610.05	10,114.35	10,645.10	10,964.46
Payout Ratio	42.56%	52.05%	61.54%	71.03%	80.51%	90.00%	92.50%
Projected Dividends (M)	3,508.56	4,515.76	5,619.00	6,825.59	8,143.34	9,580.59	10,142.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.25%	5.25%	6.25%
Year 1 PV (M)	4,184.82	4,224.96	4,265.10
Year 2 PV (M)	4,825.59	4,918.61	5,012.52
Year 3 PV (M)	5,432.21	5,590.05	5,750.90
Year 4 PV (M)	6,006.00	6,239.78	6,480.33
Year 5 PV (M)	6,548.18	6,868.33	7,200.88
PV of Terminal Value (M)	178,525.51	187,253.95	196,320.49
Equity Value (M)	205,522.30	215,095.67	225,030.23
Shares Outstanding (M)	8,459.21	8,459.21	8,459.21
Fair Value	$24.30	$25.43	$26.60
Upside / Downside	4.54%	9.41%	14.47%

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

Analysis Mode

Ticker

Industry

Sector

Sany Heavy Industry Co., Ltd (600031.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener