DDM Analysis: SPDV.TA

Valuation Snapshot

Stable Growth	$2.40 - $3.52	$2.94
Multi-Stage	$4.13 - $4.54	$4.33
Blended Fair Value	$3.64
Current Price	$3.80
Upside	-4.33%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	-43.11%	0.00%	0.02	0.00	0.00	0.28	0.58	0.33	0.11	0.00	0.00	0.00
YoY Growth	-	-	1,014.81%	0.00%	-100.00%	-51.27%	78.22%	199.53%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.61%	0.04%	0.00%	3.16%	5.86%	3.29%	1.10%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.82
(-) Cash Dividends Paid (M)	0.33
(=) Cash Retained (M)	4.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.96	0.60	0.36
Cash Retained (M)	4.49	4.49	4.49
(-) Cash Required (M)	-0.96	-0.60	-0.36
(=) Excess Retained (M)	3.53	3.89	4.13
(/) Shares Outstanding (M)	15.49	15.49	15.49
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.40	$2.94	$3.52
Upside / Downside	-36.85%	-22.61%	-7.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.82	4.77	4.73	4.68	4.63	4.58	4.72
Payout Ratio	6.80%	23.44%	40.08%	56.72%	73.36%	90.00%	92.50%
Projected Dividends (M)	0.33	1.12	1.89	2.65	3.40	4.13	4.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.02	1.03	1.04
Year 2 PV (M)	1.59	1.62	1.65
Year 3 PV (M)	2.03	2.10	2.16
Year 4 PV (M)	2.38	2.48	2.58
Year 5 PV (M)	2.65	2.79	2.93
PV of Terminal Value (M)	54.21	57.04	59.98
Equity Value (M)	63.89	67.05	70.35
Shares Outstanding (M)	15.49	15.49	15.49
Fair Value	$4.13	$4.33	$4.54
Upside / Downside	8.58%	13.95%	19.55%

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Speedvalue Ltd (SPDV.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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