DDM Analysis: ILX.TA

Valuation Snapshot

Stable Growth	$22.25 - $30.86	$26.57
Multi-Stage	$37.88 - $41.63	$39.71
Blended Fair Value	$33.14
Current Price	$66.84
Upside	-50.42%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.39%	-1.89%	1.36	1.91	5.35	5.35	0.00	2.23	1.61	1.34	0.89	0.00
YoY Growth	-	-	-28.80%	-64.26%	0.01%	0.00%	-100.00%	38.89%	20.00%	50.00%	0.00%	-100.00%
Dividend Yield	-	-	2.19%	2.90%	6.53%	3.59%	0.00%	2.23%	2.48%	2.92%	2.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.64
(-) Cash Dividends Paid (M)	13.64
(=) Cash Retained (M)	29.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.73	5.45	3.27
Cash Retained (M)	29.99	29.99	29.99
(-) Cash Required (M)	-8.73	-5.45	-3.27
(=) Excess Retained (M)	21.27	24.54	26.72
(/) Shares Outstanding (M)	11.21	11.21	11.21
(=) Excess Retained per Share	1.90	2.19	2.38
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	1.90	2.19	2.38
(=) Adjusted Dividend	3.11	3.41	3.60
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	-3.89%	-2.89%	-1.89%
Fair Value	$22.25	$26.57	$30.86
Upside / Downside	-66.71%	-60.25%	-53.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.64	42.37	41.15	39.96	38.80	37.68	38.81
Payout Ratio	31.27%	43.01%	54.76%	66.51%	78.25%	90.00%	92.50%
Projected Dividends (M)	13.64	18.23	22.53	26.57	30.36	33.91	35.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	-3.89%	-2.89%	-1.89%
Year 1 PV (M)	16.46	16.64	16.81
Year 2 PV (M)	18.39	18.77	19.16
Year 3 PV (M)	19.59	20.21	20.84
Year 4 PV (M)	20.22	21.08	21.96
Year 5 PV (M)	20.40	21.49	22.62
PV of Terminal Value (M)	329.50	347.00	365.24
Equity Value (M)	424.57	445.18	466.62
Shares Outstanding (M)	11.21	11.21	11.21
Fair Value	$37.88	$39.71	$41.63
Upside / Downside	-43.33%	-40.58%	-37.72%

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Ilex Medical Ltd (ILX.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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