DDM Analysis: MNIN.TA

Valuation Snapshot

Stable Growth	$17.30 - $32.24	$23.40
Multi-Stage	$19.11 - $20.89	$19.98
Blended Fair Value	$21.69
Current Price	$17.90
Upside	21.20%
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	-0.90%	4.46%	0.33	0.65	0.28	0.12	0.10	0.34	0.30	0.09	0.00	3.22
YoY Growth	-	-	-50.00%	136.36%	129.17%	20.00%	-70.59%	14.29%	240.00%	0.00%	-100.00%	1,423.81%
Dividend Yield	-	-	2.35%	7.67%	3.13%	0.83%	1.24%	5.95%	4.12%	0.82%	0.00%	62.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.46
(-) Cash Dividends Paid (M)	24.00
(=) Cash Retained (M)	21.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.09	5.68	3.41
Cash Retained (M)	21.46	21.46	21.46
(-) Cash Required (M)	-9.09	-5.68	-3.41
(=) Excess Retained (M)	12.37	15.78	18.05
(/) Shares Outstanding (M)	39.81	39.81	39.81
(=) Excess Retained per Share	0.31	0.40	0.45
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.31	0.40	0.45
(=) Adjusted Dividend	0.91	1.00	1.06
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$17.30	$23.40	$32.24
Upside / Downside	-3.37%	30.75%	80.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.46	47.28	49.17	51.13	53.18	55.31	56.97
Payout Ratio	52.80%	60.24%	67.68%	75.12%	82.56%	90.00%	92.50%
Projected Dividends (M)	24.00	28.48	33.28	38.41	43.91	49.78	52.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	26.01	26.26	26.51
Year 2 PV (M)	27.76	28.30	28.84
Year 3 PV (M)	29.26	30.12	31.00
Year 4 PV (M)	30.55	31.75	32.99
Year 5 PV (M)	31.63	33.20	34.82
PV of Terminal Value (M)	615.46	645.92	677.57
Equity Value (M)	760.66	795.54	831.74
Shares Outstanding (M)	39.81	39.81	39.81
Fair Value	$19.11	$19.98	$20.89
Upside / Downside	6.75%	11.64%	16.72%

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Mendelson Infrastructures & Industries Ltd. (MNIN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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