DDM Analysis: WHC.AX

Valuation Snapshot

Stable Growth	$32.04 - $99.58	$51.31
Multi-Stage	$21.78 - $23.77	$22.76
Blended Fair Value	$37.03
Current Price	$5.43
Upside	581.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-10.83%	0.00%	0.21	0.48	0.78	0.10	0.00	0.38	0.57	0.23	0.00	0.00
YoY Growth	-	-	-55.10%	-38.64%	700.56%	0.00%	-100.00%	-32.84%	147.19%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.95%	5.87%	11.60%	2.01%	0.00%	26.59%	15.51%	3.96%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,004.00
(-) Cash Dividends Paid (M)	568.00
(=) Cash Retained (M)	436.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	200.80	125.50	75.30
Cash Retained (M)	436.00	436.00	436.00
(-) Cash Required (M)	-200.80	-125.50	-75.30
(=) Excess Retained (M)	235.20	310.50	360.70
(/) Shares Outstanding (M)	821.01	821.01	821.01
(=) Excess Retained per Share	0.29	0.38	0.44
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	0.29	0.38	0.44
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.04	$51.31	$99.58
Upside / Downside	490.09%	844.86%	1,733.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,004.00	1,069.26	1,138.76	1,212.78	1,291.61	1,375.57	1,416.83
Payout Ratio	56.57%	63.26%	69.94%	76.63%	83.31%	90.00%	92.50%
Projected Dividends (M)	568.00	676.40	796.50	929.35	1,076.10	1,238.01	1,310.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	616.30	622.14	627.99
Year 2 PV (M)	661.24	673.84	686.55
Year 3 PV (M)	702.98	723.16	743.73
Year 4 PV (M)	741.67	770.19	799.53
Year 5 PV (M)	777.44	814.99	853.98
PV of Terminal Value (M)	14,385.35	15,080.17	15,801.58
Equity Value (M)	17,884.99	18,684.50	19,513.35
Shares Outstanding (M)	821.01	821.01	821.01
Fair Value	$21.78	$22.76	$23.77
Upside / Downside	301.18%	319.12%	337.71%

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Whitehaven Coal Limited (WHC.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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