DDM Analysis: EVANS.BO

Valuation Snapshot

Stable Growth	$1,665.81 - $4,035.48	$3,781.84
Multi-Stage	$580.51 - $635.89	$607.69
Blended Fair Value	$2,194.76
Current Price	$165.00
Upside	1,230.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.21%	0.00%	1.71	1.14	0.57	0.34	0.57	1.10	0.00	0.03	0.25	0.10
YoY Growth	-	-	50.00%	100.00%	69.03%	-40.84%	-48.21%	0.00%	-100.00%	-89.40%	150.73%	0.00%
Dividend Yield	-	-	1.27%	1.07%	1.10%	1.39%	0.80%	2.21%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.44
(-) Cash Dividends Paid (M)	13.72
(=) Cash Retained (M)	83.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.49	12.18	7.31
Cash Retained (M)	83.72	83.72	83.72
(-) Cash Required (M)	-19.49	-12.18	-7.31
(=) Excess Retained (M)	64.23	71.54	76.41
(/) Shares Outstanding (M)	4.80	4.80	4.80
(=) Excess Retained per Share	13.38	14.90	15.91
LTM Dividend per Share	2.86	2.86	2.86
(+) Excess Retained per Share	13.38	14.90	15.91
(=) Adjusted Dividend	16.23	17.76	18.77
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,665.81	$3,781.84	$4,035.48
Upside / Downside	909.58%	2,192.02%	2,345.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.44	103.77	110.52	117.70	125.35	133.50	137.51
Payout Ratio	14.08%	29.26%	44.45%	59.63%	74.82%	90.00%	92.50%
Projected Dividends (M)	13.72	30.37	49.12	70.19	93.78	120.15	127.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.24	28.51	28.78
Year 2 PV (M)	42.48	43.29	44.10
Year 3 PV (M)	56.44	58.06	59.71
Year 4 PV (M)	70.13	72.82	75.60
Year 5 PV (M)	83.55	87.58	91.77
PV of Terminal Value (M)	2,506.79	2,627.87	2,753.58
Equity Value (M)	2,787.62	2,918.13	3,053.54
Shares Outstanding (M)	4.80	4.80	4.80
Fair Value	$580.51	$607.69	$635.89
Upside / Downside	251.83%	268.30%	285.39%

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Evans Electric Ltd. (EVANS.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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