DDM Analysis: MLSR.TA

Valuation Snapshot

Stable Growth	$795.65 - $2,240.11	$1,238.76
Multi-Stage	$820.06 - $899.47	$859.02
Blended Fair Value	$1,048.89
Current Price	$400.00
Upside	162.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	8.06%	7.99	7.99	3.78	0.00	1.26	5.04	5.04	4.94	4.52	4.10
YoY Growth	-	-	0.00%	111.11%	0.00%	-100.00%	-75.00%	0.00%	2.13%	9.30%	10.26%	11.43%
Dividend Yield	-	-	2.76%	2.97%	1.68%	0.00%	0.68%	3.65%	2.74%	3.53%	2.24%	3.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,577.00
(-) Cash Dividends Paid (M)	360.00
(=) Cash Retained (M)	1,217.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	315.40	197.13	118.28
Cash Retained (M)	1,217.00	1,217.00	1,217.00
(-) Cash Required (M)	-315.40	-197.13	-118.28
(=) Excess Retained (M)	901.60	1,019.88	1,098.73
(/) Shares Outstanding (M)	47.59	47.59	47.59
(=) Excess Retained per Share	18.95	21.43	23.09
LTM Dividend per Share	7.56	7.56	7.56
(+) Excess Retained per Share	18.95	21.43	23.09
(=) Adjusted Dividend	26.51	29.00	30.65
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	3.25%	4.25%	5.25%
Fair Value	$795.65	$1,238.76	$2,240.11
Upside / Downside	98.91%	209.69%	460.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,577.00	1,644.00	1,713.86	1,786.68	1,862.59	1,941.73	1,999.98
Payout Ratio	22.83%	36.26%	49.70%	63.13%	76.57%	90.00%	92.50%
Projected Dividends (M)	360.00	596.16	851.73	1,127.95	1,426.10	1,747.56	1,849.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	3.25%	4.25%	5.25%
Year 1 PV (M)	553.42	558.78	564.14
Year 2 PV (M)	733.99	748.28	762.70
Year 3 PV (M)	902.34	928.82	955.80
Year 4 PV (M)	1,059.08	1,100.71	1,143.55
Year 5 PV (M)	1,204.76	1,264.25	1,326.06
PV of Terminal Value (M)	34,571.52	36,278.45	38,052.15
Equity Value (M)	39,025.12	40,879.28	42,804.40
Shares Outstanding (M)	47.59	47.59	47.59
Fair Value	$820.06	$859.02	$899.47
Upside / Downside	105.01%	114.76%	124.87%

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Melisron Ltd. (MLSR.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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