DDM Analysis: 600196.SS

Valuation Snapshot

Stable Growth	$101.23 - $246.35	$230.87
Multi-Stage	$35.76 - $39.14	$37.42
Blended Fair Value	$134.14
Current Price	$29.84
Upside	349.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.26%	12.68%	0.78	0.42	0.54	0.42	0.38	0.31	0.37	0.33	0.28	0.24
YoY Growth	-	-	83.65%	-21.88%	30.14%	10.24%	22.22%	-15.95%	11.53%	17.93%	14.43%	3.68%
Dividend Yield	-	-	3.13%	1.80%	1.67%	0.78%	0.95%	0.94%	1.21%	0.74%	0.99%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,282.54
(-) Cash Dividends Paid (M)	957.64
(=) Cash Retained (M)	2,324.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	656.51	410.32	246.19
Cash Retained (M)	2,324.90	2,324.90	2,324.90
(-) Cash Required (M)	-656.51	-410.32	-246.19
(=) Excess Retained (M)	1,668.39	1,914.58	2,078.71
(/) Shares Outstanding (M)	2,649.91	2,649.91	2,649.91
(=) Excess Retained per Share	0.63	0.72	0.78
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.63	0.72	0.78
(=) Adjusted Dividend	0.99	1.08	1.15
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$101.23	$230.87	$246.35
Upside / Downside	239.24%	673.69%	725.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,282.54	3,495.90	3,723.14	3,965.14	4,222.87	4,497.36	4,632.28
Payout Ratio	29.17%	41.34%	53.50%	65.67%	77.83%	90.00%	92.50%
Projected Dividends (M)	957.64	1,445.17	1,992.04	2,603.89	3,286.86	4,047.63	4,284.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,343.81	1,356.55	1,369.29
Year 2 PV (M)	1,722.41	1,755.22	1,788.33
Year 3 PV (M)	2,093.54	2,153.64	2,214.87
Year 4 PV (M)	2,457.31	2,551.81	2,649.01
Year 5 PV (M)	2,813.83	2,949.74	3,090.85
PV of Terminal Value (M)	84,316.82	88,389.35	92,617.75
Equity Value (M)	94,747.72	99,156.30	103,730.11
Shares Outstanding (M)	2,649.91	2,649.91	2,649.91
Fair Value	$35.76	$37.42	$39.14
Upside / Downside	19.82%	25.40%	31.18%

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 Fosun Pharmaceutical (Group) Co., Ltd. (600196.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener