DDM Analysis: 4010.SR

Valuation Snapshot

Stable Growth	$7.93 - $13.47	$10.34
Multi-Stage	$12.22 - $13.45	$12.82
Blended Fair Value	$11.58
Current Price	$25.95
Upside	-55.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	-45.93%	0.00	0.00	0.52	0.24	0.53	0.00	0.00	0.00	1.11	1.28
YoY Growth	-	-	-12.64%	-99.40%	111.89%	-54.55%	0.00%	0.00%	0.00%	-100.00%	-13.19%	0.49%
Dividend Yield	-	-	0.01%	0.01%	1.66%	1.05%	2.65%	0.00%	0.00%	0.00%	3.41%	3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.42
(-) Cash Dividends Paid (M)	0.09
(=) Cash Retained (M)	66.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.28	8.30	4.98
Cash Retained (M)	66.33	66.33	66.33
(-) Cash Required (M)	-13.28	-8.30	-4.98
(=) Excess Retained (M)	53.05	58.03	61.35
(/) Shares Outstanding (M)	102.83	102.83	102.83
(=) Excess Retained per Share	0.52	0.56	0.60
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.52	0.56	0.60
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.59%	1.59%	2.59%
Fair Value	$7.93	$10.34	$13.47
Upside / Downside	-69.43%	-60.14%	-48.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.42	67.47	68.55	69.64	70.75	71.88	74.03
Payout Ratio	0.13%	18.10%	36.08%	54.05%	72.03%	90.00%	92.50%
Projected Dividends (M)	0.09	12.22	24.73	37.64	50.96	64.69	68.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.59%	1.59%	2.59%
Year 1 PV (M)	11.29	11.40	11.51
Year 2 PV (M)	21.12	21.54	21.97
Year 3 PV (M)	29.71	30.60	31.52
Year 4 PV (M)	37.17	38.67	40.21
Year 5 PV (M)	43.60	45.81	48.11
PV of Terminal Value (M)	1,114.08	1,170.57	1,229.33
Equity Value (M)	1,256.98	1,318.60	1,382.66
Shares Outstanding (M)	102.83	102.83	102.83
Fair Value	$12.22	$12.82	$13.45
Upside / Downside	-52.90%	-50.59%	-48.19%

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Dur Hospitality Company (4010.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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