DDM Analysis: 600864.SS

Valuation Snapshot

Stable Growth	$2.35 - $3.45	$2.88
Multi-Stage	$6.14 - $6.78	$6.45
Blended Fair Value	$4.67
Current Price	$7.35
Upside	-36.52%
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	-10.41%	8.03%	0.16	0.17	0.28	0.25	0.34	0.28	0.50	0.23	0.15	0.11
YoY Growth	-	-	-6.71%	-39.43%	15.44%	-28.09%	23.07%	-44.65%	115.24%	51.59%	36.26%	52.40%
Dividend Yield	-	-	2.64%	3.23%	5.60%	4.43%	5.66%	4.29%	6.28%	3.63%	1.53%	0.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	620.82
(-) Cash Dividends Paid (M)	185.06
(=) Cash Retained (M)	435.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.16	77.60	46.56
Cash Retained (M)	435.76	435.76	435.76
(-) Cash Required (M)	-124.16	-77.60	-46.56
(=) Excess Retained (M)	311.60	358.16	389.20
(/) Shares Outstanding (M)	2,023.75	2,023.75	2,023.75
(=) Excess Retained per Share	0.15	0.18	0.19
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.15	0.18	0.19
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-3.78%	-2.78%	-1.78%
Fair Value	$2.35	$2.88	$3.45
Upside / Downside	-68.09%	-60.85%	-53.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	620.82	603.54	586.73	570.39	554.51	539.07	555.24
Payout Ratio	29.81%	41.85%	53.89%	65.92%	77.96%	90.00%	92.50%
Projected Dividends (M)	185.06	252.56	316.16	376.02	432.30	485.16	513.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-3.78%	-2.78%	-1.78%
Year 1 PV (M)	235.19	237.63	240.08
Year 2 PV (M)	274.15	279.88	285.67
Year 3 PV (M)	303.63	313.19	322.96
Year 4 PV (M)	325.06	338.78	352.94
Year 5 PV (M)	339.70	357.73	376.51
PV of Terminal Value (M)	10,951.66	11,532.74	12,138.22
Equity Value (M)	12,429.40	13,059.96	13,716.38
Shares Outstanding (M)	2,023.75	2,023.75	2,023.75
Fair Value	$6.14	$6.45	$6.78
Upside / Downside	-16.44%	-12.20%	-7.79%

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

Harbin Hatou Investment Co.,Ltd (600864.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener