DDM Analysis: PCBT.TA

Valuation Snapshot

Stable Growth	$3.39 - $7.39	$4.86
Multi-Stage	$2.53 - $2.76	$2.64
Blended Fair Value	$3.75
Current Price	$3.24
Upside	15.83%
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	28.90%	14.52%	0.14	0.00	0.00	0.00	0.14	0.04	0.06	0.00	0.03	0.05
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	269.58%	-31.03%	0.00%	-100.00%	-39.11%	50.81%
Dividend Yield	-	-	5.81%	0.00%	0.00%	0.00%	9.45%	3.74%	3.81%	0.00%	3.47%	6.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.50
(-) Cash Dividends Paid (M)	5.31
(=) Cash Retained (M)	7.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.50	1.56	0.94
Cash Retained (M)	7.19	7.19	7.19
(-) Cash Required (M)	-2.50	-1.56	-0.94
(=) Excess Retained (M)	4.69	5.63	6.26
(/) Shares Outstanding (M)	71.45	71.45	71.45
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.39	$4.86	$7.39
Upside / Downside	4.68%	50.04%	128.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.50	13.31	14.18	15.10	16.08	17.13	17.64
Payout Ratio	42.47%	51.97%	61.48%	70.99%	80.49%	90.00%	92.50%
Projected Dividends (M)	5.31	6.92	8.72	10.72	12.95	15.42	16.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6.24	6.30	6.36
Year 2 PV (M)	7.09	7.22	7.36
Year 3 PV (M)	7.86	8.09	8.32
Year 4 PV (M)	8.56	8.89	9.23
Year 5 PV (M)	9.19	9.64	10.10
PV of Terminal Value (M)	141.97	148.83	155.95
Equity Value (M)	180.92	188.97	197.31
Shares Outstanding (M)	71.45	71.45	71.45
Fair Value	$2.53	$2.64	$2.76
Upside / Downside	-21.85%	-18.38%	-14.77%

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P.C.B. Technologies Ltd (PCBT.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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