Dickson Concepts (International) Limited

Fair Value Summary

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035
% Growth	-4.66%	-3.70%	-2.74%	-1.77%	-0.81%	0.15%	1.11%	2.08%	3.04%	4.00%
Revenue	1,832.18	1,764.39	1,716.10	1,685.64	1,671.95	1,674.46	1,693.10	1,728.23	1,780.73	1,851.95
EBITDA	359.86	346.54	337.06	331.08	328.39	328.88	332.54	339.44	349.75	363.74
D&A	-106.65	-102.70	-99.89	-98.12	-97.32	-97.47	-98.55	-100.60	-103.65	-107.80
EBIT	253.21	243.84	237.17	232.96	231.06	231.41	233.99	238.84	246.10	255.94
Pro forma Taxes	-24.85	-23.93	-23.28	-22.87	-22.68	-22.72	-22.97	-23.44	-24.16	-25.12
NOPAT	228.35	219.90	213.89	210.09	208.38	208.70	211.02	215.40	221.94	230.82
Capital Expenditures	-33.99	-32.73	-31.83	-31.27	-31.01	-31.06	-31.41	-32.06	-33.03	-34.35
NWC Investment	-2.21	-1.67	-1.19	-0.75	-0.34	0.06	0.46	0.87	1.29	1.75
(+) D&A	106.65	102.70	99.89	98.12	97.32	97.47	98.55	100.60	103.65	107.80
Free Cash Flow	298.81	288.21	280.76	276.19	274.36	275.17	278.63	284.80	293.86	306.02
Diluted Shares Outstanding	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25	391,136,338.25

Metric	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34	Mar-35
Period Start	9/30/25	4/1/26	4/1/27	4/1/28	4/1/29	4/1/30	4/1/31	4/1/32	4/1/33	4/1/34
Period End	3/31/26	3/31/27	3/31/28	3/31/29	3/31/30	3/31/31	3/31/32	3/31/33	3/31/34	3/31/35
Mid-Point	12/30/25	9/30/26	9/30/27	9/30/28	9/30/29	9/30/30	9/30/31	9/30/32	9/30/33	9/30/34
Time (t)	0.10	0.70	1.71	2.71	3.71	4.71	5.71	6.71	7.71	8.71
Valuation Date	1/16/26

WACC: 6.51%Terminal Growth: 2.35%

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	TV (5y)	TV (10y)
Discount Factor	0.99	0.96	0.90	0.84	0.79	0.74	0.70	0.66	0.62	0.58
PV UFCF	296.93	275.77	252.07	232.82	217.15	204.49	194.41	186.58	180.75	176.74	Raw: 6,753.06 5,179.14	Raw: 7,532.46 4,215.28

WACC: 7.51%Terminal Growth: 1.85%

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	TV (5y)	TV (10y)
Discount Factor	0.99	0.95	0.88	0.82	0.76	0.71	0.66	0.62	0.57	0.53
PV UFCF	296.65	273.97	248.07	227.00	209.75	195.68	184.31	175.24	168.19	162.92	Raw: 4,938.52 3,641.39	Raw: 5,508.50 2,828.42

WACC: 5.51%Terminal Growth: 2.85%

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	TV (5y)	TV (10y)
Discount Factor	0.99	0.96	0.91	0.86	0.82	0.78	0.74	0.70	0.66	0.63
PV UFCF	297.21	277.60	256.17	238.85	224.88	213.78	205.17	198.77	194.39	191.87	Raw: 10,615.55 8,471.26	Raw: 11,840.74 7,227.72

Current Price$5.87

WACC Used6.5%

IMPLIED REVENUE GROWTH78.94%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	7,198.67	12,881.51	23,050.54	41,247.29	73,809.09	132,076.10	236,340.77	422,914.96	756,776.16	1,354,197.00
Constant Implied Growth	78.94%	78.94%	78.94%	78.94%	78.94%	78.94%	78.94%	78.94%	78.94%	78.94%
Implied Free Cash Flow	0.72	1.29	2.31	4.12	7.38	13.21	23.63	42.29	75.68	135.42
Discount Factor	0.97	0.90	0.84	0.79	0.74	0.70	0.66	0.62	0.58	0.54
Present Value of Implied FCF	0.70	1.16	1.94	3.26	5.49	9.22	15.48	26.01	43.71	73.43

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2020	2020-03-31	$3.81	-1.59%	$29.03	661.87%
2019	2019-03-31	$4.15	-4.58%	$24.92	500.41%
2018	2018-03-31	$2.85	-16.07%	$8.29	191.05%
2017	2017-03-31	$2.77	-17.62%	$3.30	19.14%
2016	2016-03-31	$2.25	-9.54%	$5.67	151.90%
2015	2015-03-31	$3.35	-2.87%	$4.87	45.43%
2014	2014-03-31	$4.49	-2.19%	$6.04	34.60%
2013	2013-03-31	$4.38	-7.14%	$11.82	169.83%
2012	2012-03-31	$4.28	-7.88%	$-3.52	-182.36%
2011	2011-03-31	$5.78	-2.46%	$14.43	149.61%
2010	2010-03-31	$4.73	4.75%	$38.96	723.73%
2009	2009-03-31	$2.03	5.25%	$4.19	106.20%
2008	2008-03-31	$5.29	2.37%	$11.48	117.06%
2007	2007-03-31	$9.00	-1.89%	$0.12	-98.62%
2006	2006-03-31	$10.90	-3.04%	$-2.70	-124.75%
2005	2005-03-31	$12.64	3.04%	$16.25	28.55%
2004	2004-03-31	$7.02	5.28%	$16.01	128.02%
2003	2003-03-31	$1.19	6.52%	$13.87	1,065.28%

Mean Fair Value
$18.95

Median
$17.40

10th Percentile
$13.42

90th Percentile
$25.82