DDM Analysis: CXH

Valuation Snapshot

Stable Growth	$2.39 - $3.21	$2.81
Multi-Stage	$8.34 - $9.23	$8.77
Blended Fair Value	$5.79
Current Price	$7.58
Upside	-23.58%
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	-8.86%	-8.67%	0.30	0.31	0.46	0.51	0.51	0.48	0.53	0.65	0.69	0.72
YoY Growth	-	-	-1.24%	-33.12%	-10.41%	0.14%	6.10%	-9.53%	-18.28%	-6.05%	-4.15%	-3.51%
Dividend Yield	-	-	3.67%	4.21%	6.27%	5.18%	5.31%	4.88%	6.04%	6.71%	7.39%	7.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.66
(-) Cash Dividends Paid (M)	3.75
(=) Cash Retained (M)	0.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.93	0.58	0.35
Cash Retained (M)	0.91	0.91	0.91
(-) Cash Required (M)	-0.93	-0.58	-0.35
(=) Excess Retained (M)	-0.02	0.33	0.56
(/) Shares Outstanding (M)	8.20	8.20	8.20
(=) Excess Retained per Share	0.00	0.04	0.07
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.00	0.04	0.07
(=) Adjusted Dividend	0.45	0.50	0.53
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-10.67%	-9.67%	-8.67%
Fair Value	$2.39	$2.81	$3.21
Upside / Downside	-68.43%	-62.90%	-57.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.66	4.21	3.80	3.44	3.10	2.80	2.89
Payout Ratio	80.40%	82.32%	84.24%	86.16%	88.08%	90.00%	92.50%
Projected Dividends (M)	3.75	3.47	3.20	2.96	2.73	2.52	2.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-10.67%	-9.67%	-8.67%
Year 1 PV (M)	3.22	3.26	3.30
Year 2 PV (M)	2.77	2.83	2.90
Year 3 PV (M)	2.38	2.46	2.55
Year 4 PV (M)	2.05	2.14	2.24
Year 5 PV (M)	1.76	1.86	1.96
PV of Terminal Value (M)	56.16	59.38	62.74
Equity Value (M)	68.35	71.93	75.68
Shares Outstanding (M)	8.20	8.20	8.20
Fair Value	$8.34	$8.77	$9.23
Upside / Downside	9.97%	15.74%	21.77%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
688267.SS	China Catalyst Holding Co., Ltd.	1.26%	$0.35	34.87%
8848.T	Leopalace21 Corporation	1.26%	$8.31	27.11%
BAUH4.SA	Excelsior Alimentos S.A.	1.26%	$1.17	21.88%
CAST.ST	Castellum AB (publ)	1.26%	$1.33	21.53%
CRH	CRH plc	1.26%	$1.60	33.62%
HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
JCI	Johnson Controls International plc	1.26%	$1.54	56.71%
KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
SAREGAMA.BO	Saregama India Limited	1.26%	$4.51	42.77%
SDPC.JK	PT Millennium Pharmacon International Tbk	1.26%	$2.00	15.16%
002448.SZ	ZYNP Corporation	1.25%	$0.16	32.06%
0QLU.L	Basler Kantonalbank	1.25%	$1.11	12.42%
145720.KS	Dentium Co. Ltd.	1.25%	$599.51	9.81%
204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
ENTER.AT	Entersoft S.A.	1.25%	$0.10	20.30%
ETN	Eaton Corporation plc	1.25%	$4.08	40.54%
IRFC.BO	Indian Railway Finance Corporation Limited	1.25%	$1.60	30.59%
LVC.WA	LiveChat Software S.A.	1.25%	$1.46	20.71%
ORSTED.CO	Ørsted A/S	1.25%	$1.60	10.19%
000514.SZ	Chongqing Yukaifa Co., Ltd	1.24%	$0.06	55.20%
002346.SZ	Shanghai Zhezhong Group Co.,Ltd	1.24%	$0.25	18.48%
002748.SZ	Jiangxi Selon Industrial Co., Ltd.	1.24%	$0.16	89.09%
1976.T	MEISEI INDUSTRIAL Co.,Ltd.	1.24%	$21.03	12.53%
300763.SZ	Ginlong Technologies Co., Ltd.	1.24%	$0.88	39.17%
600871.SS	Sinopec Oilfield Service Corporation	1.24%	$0.03	81.02%
603585.SS	Suli Co., Ltd.	1.24%	$0.23	35.70%
605116.SS	Aurisco Pharmaceutical Co.,Ltd.	1.24%	$0.31	29.49%
ALWED.PA	Wedia S.A.	1.24%	$0.38	21.38%
MNC.WA	Mennica Polska S.A.	1.24%	$0.60	6.22%
MTHH.CO	MT Højgaard Holding A/S	1.24%	$6.49	19.74%
WALL-B.ST	Wallenstam AB (publ)	1.24%	$0.51	17.40%
WRT1V.HE	Wärtsilä Oyj Abp	1.24%	$0.38	40.46%
041830.KQ	InBody Co.,Ltd	1.23%	$400.00	16.47%
0QHK.L	SeSa S.p.A.	1.23%	$1.12	27.54%
0Y5C.L	Allegion plc	1.23%	$1.99	26.83%
300726.SZ	Zhuzhou Hongda Electronics Corp.,Ltd.	1.23%	$0.63	74.98%
300916.SZ	Shenzhen Longtech Smart Control Co., Ltd.	1.23%	$0.40	42.79%
4148.TW	All Cosmos Bio-Tech Holding Corporation	1.23%	$0.48	23.21%
544.SI	CSE Global Limited	1.23%	$0.01	26.84%
600104.SS	SAIC Motor Corporation Limited	1.23%	$0.19	75.02%

Financial Statements

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MFS Investment Grade Municipal Trust (CXH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener