DDM Analysis: 9550.SR

Valuation Snapshot

Stable Growth	$47.48 - $72.43	$59.16
Multi-Stage	$99.67 - $109.75	$104.61
Blended Fair Value	$81.89
Current Price	$81.75
Upside	0.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	1.53	1.36	1.36	0.84	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	12.50%	0.00%	62.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.69%	1.56%	4.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.25
(-) Cash Dividends Paid (M)	11.54
(=) Cash Retained (M)	28.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.05	5.03	3.02
Cash Retained (M)	28.71	28.71	28.71
(-) Cash Required (M)	-8.05	-5.03	-3.02
(=) Excess Retained (M)	20.66	23.68	25.69
(/) Shares Outstanding (M)	7.53	7.53	7.53
(=) Excess Retained per Share	2.74	3.14	3.41
LTM Dividend per Share	1.53	1.53	1.53
(+) Excess Retained per Share	2.74	3.14	3.41
(=) Adjusted Dividend	4.28	4.68	4.94
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$47.48	$59.16	$72.43
Upside / Downside	-41.92%	-27.63%	-11.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.25	39.85	39.45	39.06	38.67	38.28	39.43
Payout Ratio	28.67%	40.94%	53.20%	65.47%	77.73%	90.00%	92.50%
Projected Dividends (M)	11.54	16.31	20.99	25.57	30.06	34.45	36.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.12	15.27	15.43
Year 2 PV (M)	18.02	18.39	18.77
Year 3 PV (M)	20.35	20.98	21.62
Year 4 PV (M)	22.16	23.08	24.03
Year 5 PV (M)	23.54	24.77	26.04
PV of Terminal Value (M)	651.51	685.44	720.77
Equity Value (M)	750.71	787.93	826.65
Shares Outstanding (M)	7.53	7.53	7.53
Fair Value	$99.67	$104.61	$109.75
Upside / Downside	21.92%	27.96%	34.25%

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Sure Global Tech Company (9550.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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