DDM Analysis: GRAN

Valuation Snapshot

Stable Growth	$2.22 - $3.29	$2.73
Multi-Stage	$4.05 - $4.46	$4.25
Blended Fair Value	$3.49
Current Price	$4.60
Upside	-24.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023
DPS	0.00%	0.00%	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.36%	0.00%	0.00%	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)	3.42
(-) Cash Dividends Paid (M)	0.77
(=) Cash Retained (M)	2.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.68	0.43	0.26
Cash Retained (M)	2.65	2.65	2.65
(-) Cash Required (M)	-0.68	-0.43	-0.26
(=) Excess Retained (M)	1.96	2.22	2.39
(/) Shares Outstanding (M)	12.34	12.34	12.34
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.22	$2.73	$3.29
Upside / Downside	-51.80%	-40.69%	-28.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.42	3.38	3.35	3.32	3.28	3.25	3.35
Payout Ratio	22.51%	36.01%	49.51%	63.00%	76.50%	90.00%	92.50%
Projected Dividends (M)	0.77	1.22	1.66	2.09	2.51	2.92	3.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.12	1.13	1.14
Year 2 PV (M)	1.40	1.43	1.46
Year 3 PV (M)	1.62	1.67	1.72
Year 4 PV (M)	1.79	1.86	1.94
Year 5 PV (M)	1.91	2.01	2.11
PV of Terminal Value (M)	42.20	44.40	46.69
Equity Value (M)	50.04	52.50	55.06
Shares Outstanding (M)	12.34	12.34	12.34
Fair Value	$4.05	$4.25	$4.46
Upside / Downside	-11.86%	-7.52%	-3.01%

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Grande Group Limited Class A Ordinary Shares (GRAN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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