DDM Analysis: MYG.AX

Valuation Snapshot

Stable Growth	$1.13 - $1.72	$1.41
Multi-Stage	$2.38 - $2.62	$2.50
Blended Fair Value	$1.95
Current Price	$1.05
Upside	86.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	21.01%	0.00%	0.03	0.02	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	53.14%	181.62%	0.00%	-100.00%	-97.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	2.87%	1.67%	0.00%	0.06%	0.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.86
(-) Cash Dividends Paid (M)	4.58
(=) Cash Retained (M)	7.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.37	1.48	0.89
Cash Retained (M)	7.28	7.28	7.28
(-) Cash Required (M)	-2.37	-1.48	-0.89
(=) Excess Retained (M)	4.90	5.79	6.39
(/) Shares Outstanding (M)	92.95	92.95	92.95
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.13	$1.41	$1.72
Upside / Downside	7.63%	34.07%	64.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.86	11.74	11.63	11.51	11.39	11.28	11.62
Payout Ratio	38.65%	48.92%	59.19%	69.46%	79.73%	90.00%	92.50%
Projected Dividends (M)	4.58	5.75	6.88	7.99	9.08	10.15	10.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.32	5.38	5.43
Year 2 PV (M)	5.91	6.03	6.15
Year 3 PV (M)	6.36	6.55	6.75
Year 4 PV (M)	6.69	6.97	7.25
Year 5 PV (M)	6.93	7.29	7.66
PV of Terminal Value (M)	190.35	200.26	210.58
Equity Value (M)	221.55	232.47	243.83
Shares Outstanding (M)	92.95	92.95	92.95
Fair Value	$2.38	$2.50	$2.62
Upside / Downside	127.00%	138.19%	149.83%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
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TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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Mayfield Group Holdings Limited (MYG.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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