DDM Analysis: CWCO

Valuation Snapshot

Stable Growth	$176.81 - $208.33	$195.23
Multi-Stage	$47.09 - $51.64	$49.33
Blended Fair Value	$122.28
Current Price	$30.02
Upside	307.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.28%	3.61%	0.39	0.34	0.32	0.32	0.32	0.32	0.32	0.28	0.28	0.28
YoY Growth	-	-	14.83%	6.36%	-0.12%	0.35%	0.71%	0.09%	14.07%	0.70%	0.36%	0.23%
Dividend Yield	-	-	1.60%	1.28%	1.96%	2.91%	2.38%	1.94%	2.46%	1.92%	2.38%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.88
(-) Cash Dividends Paid (M)	5.26
(=) Cash Retained (M)	11.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.38	2.11	1.27
Cash Retained (M)	11.62	11.62	11.62
(-) Cash Required (M)	-3.38	-2.11	-1.27
(=) Excess Retained (M)	8.24	9.51	10.35
(/) Shares Outstanding (M)	16.02	16.02	16.02
(=) Excess Retained per Share	0.51	0.59	0.65
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.51	0.59	0.65
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	5.26%	5.26%	5.26%
Growth Rate	4.87%	5.87%	6.87%
Fair Value	$176.81	$195.23	$208.33
Upside / Downside	488.97%	550.33%	593.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.88	17.87	18.92	20.03	21.20	22.45	23.12
Payout Ratio	31.17%	42.93%	54.70%	66.47%	78.23%	90.00%	92.50%
Projected Dividends (M)	5.26	7.67	10.35	13.31	16.59	20.20	21.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.26%	5.26%	5.26%
Growth Rate	4.87%	5.87%	6.87%
Year 1 PV (M)	7.22	7.29	7.36
Year 2 PV (M)	9.16	9.34	9.52
Year 3 PV (M)	11.09	11.41	11.74
Year 4 PV (M)	13.01	13.51	14.03
Year 5 PV (M)	14.91	15.63	16.39
PV of Terminal Value (M)	698.90	732.86	768.14
Equity Value (M)	754.30	790.05	827.17
Shares Outstanding (M)	16.02	16.02	16.02
Fair Value	$47.09	$49.33	$51.64
Upside / Downside	56.87%	64.31%	72.03%

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Consolidated Water Co. Ltd. (CWCO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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