DDM Analysis: 600097.SS

Valuation Snapshot

Stable Growth	$3.04 - $4.40	$3.70
Multi-Stage	$5.86 - $6.46	$6.15
Blended Fair Value	$4.93
Current Price	$11.10
Upside	-55.62%
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	-3.03%	-0.97%	0.20	0.13	0.24	0.19	0.11	0.23	0.15	0.07	0.06	0.17
YoY Growth	-	-	46.96%	-44.19%	27.30%	65.96%	-50.51%	54.40%	129.75%	3.33%	-63.79%	-20.30%
Dividend Yield	-	-	2.10%	1.34%	2.23%	1.47%	1.22%	2.32%	1.11%	0.48%	0.34%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.33
(-) Cash Dividends Paid (M)	22.44
(=) Cash Retained (M)	82.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.07	13.17	7.90
Cash Retained (M)	82.89	82.89	82.89
(-) Cash Required (M)	-21.07	-13.17	-7.90
(=) Excess Retained (M)	61.83	69.72	74.99
(/) Shares Outstanding (M)	249.66	249.66	249.66
(=) Excess Retained per Share	0.25	0.28	0.30
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.25	0.28	0.30
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-2.97%	-1.97%	-0.97%
Fair Value	$3.04	$3.70	$4.40
Upside / Downside	-72.63%	-66.66%	-60.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.33	103.25	101.22	99.23	97.28	95.36	98.22
Payout Ratio	21.30%	35.04%	48.78%	62.52%	76.26%	90.00%	92.50%
Projected Dividends (M)	22.44	36.18	49.38	62.04	74.18	85.82	90.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-2.97%	-1.97%	-0.97%
Year 1 PV (M)	33.22	33.56	33.90
Year 2 PV (M)	41.62	42.48	43.35
Year 3 PV (M)	48.01	49.51	51.04
Year 4 PV (M)	52.70	54.91	57.18
Year 5 PV (M)	55.98	58.92	61.99
PV of Terminal Value (M)	1,231.80	1,296.59	1,364.09
Equity Value (M)	1,463.32	1,535.98	1,611.56
Shares Outstanding (M)	249.66	249.66	249.66
Fair Value	$5.86	$6.15	$6.46
Upside / Downside	-47.20%	-44.57%	-41.85%

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

Shanghai Kaichuang Marine International Co., Ltd. (600097.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener