DDM Analysis: WTN.AX

Valuation Snapshot

Stable Growth	$9.74 - $15.20	$12.26
Multi-Stage	$22.42 - $24.73	$23.55
Blended Fair Value	$17.91
Current Price	$2.04
Upside	777.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.03	0.03	0.00	0.06	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-13.42%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	1.20%	1.46%	0.00%	1.52%	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)	312.95
(-) Cash Dividends Paid (M)	8.04
(=) Cash Retained (M)	304.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.59	39.12	23.47
Cash Retained (M)	304.91	304.91	304.91
(-) Cash Required (M)	-62.59	-39.12	-23.47
(=) Excess Retained (M)	242.32	265.80	281.44
(/) Shares Outstanding (M)	307.37	307.37	307.37
(=) Excess Retained per Share	0.79	0.86	0.92
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.79	0.86	0.92
(=) Adjusted Dividend	0.81	0.89	0.94
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.74	$12.26	$15.20
Upside / Downside	377.45%	500.85%	645.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	312.95	309.82	306.72	303.66	300.62	297.61	306.54
Payout Ratio	2.57%	20.05%	37.54%	55.03%	72.51%	90.00%	92.50%
Projected Dividends (M)	8.04	62.13	115.15	167.09	217.99	267.85	283.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	57.92	58.51	59.10
Year 2 PV (M)	100.05	102.10	104.18
Year 3 PV (M)	135.34	139.52	143.79
Year 4 PV (M)	164.58	171.40	178.43
Year 5 PV (M)	188.50	198.32	208.54
PV of Terminal Value (M)	6,244.70	6,569.88	6,908.46
Equity Value (M)	6,891.09	7,239.73	7,602.50
Shares Outstanding (M)	307.37	307.37	307.37
Fair Value	$22.42	$23.55	$24.73
Upside / Downside	998.99%	1,054.59%	1,112.45%

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Winton Land Limited (WTN.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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