DDM Analysis: QNCO.TA

Valuation Snapshot

Stable Growth	$7.72 - $11.32	$9.45
Multi-Stage	$11.18 - $12.26	$11.71
Blended Fair Value	$10.58
Current Price	$7.09
Upside	49.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.25	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	-	-	4.49%	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)	29.16
(-) Cash Dividends Paid (M)	7.45
(=) Cash Retained (M)	21.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.83	3.65	2.19
Cash Retained (M)	21.72	21.72	21.72
(-) Cash Required (M)	-5.83	-3.65	-2.19
(=) Excess Retained (M)	15.88	18.07	19.53
(/) Shares Outstanding (M)	29.34	29.34	29.34
(=) Excess Retained per Share	0.54	0.62	0.67
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.54	0.62	0.67
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	-0.69%	0.31%	1.31%
Fair Value	$7.72	$9.45	$11.32
Upside / Downside	8.85%	33.28%	59.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29.16	29.25	29.34	29.43	29.52	29.61	30.50
Payout Ratio	25.53%	38.42%	51.32%	64.21%	77.11%	90.00%	92.50%
Projected Dividends (M)	7.45	11.24	15.06	18.90	22.76	26.65	28.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	-0.69%	0.31%	1.31%
Year 1 PV (M)	10.16	10.26	10.36
Year 2 PV (M)	12.30	12.55	12.80
Year 3 PV (M)	13.95	14.38	14.81
Year 4 PV (M)	15.19	15.81	16.45
Year 5 PV (M)	16.07	16.90	17.76
PV of Terminal Value (M)	260.31	273.68	287.60
Equity Value (M)	327.99	343.58	359.79
Shares Outstanding (M)	29.34	29.34	29.34
Fair Value	$11.18	$11.71	$12.26
Upside / Downside	57.65%	65.15%	72.94%

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Y.Z. Queenco Ltd. (QNCO.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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