DDM Analysis: IATR.AT

Valuation Snapshot

Stable Growth	$0.39 - $0.64	$0.50
Multi-Stage	$0.63 - $0.69	$0.66
Blended Fair Value	$0.58
Current Price	$1.80
Upside	-67.87%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	113.45%	39.94%	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	2,732.79%	0.00%	-100.00%	-42.55%	261.54%	-51.85%	47.27%	57.14%	-39.66%	-3.33%
Dividend Yield	-	-	1.32%	0.04%	0.00%	0.06%	0.11%	0.02%	0.09%	0.04%	0.07%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.95
(-) Cash Dividends Paid (M)	1.73
(=) Cash Retained (M)	1.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.59	0.37	0.22
Cash Retained (M)	1.22	1.22	1.22
(-) Cash Required (M)	-0.59	-0.37	-0.22
(=) Excess Retained (M)	0.63	0.85	1.00
(/) Shares Outstanding (M)	86.74	86.74	86.74
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	0.41%	1.41%	2.41%
Fair Value	$0.39	$0.50	$0.64
Upside / Downside	-78.42%	-72.21%	-64.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.95	2.99	3.03	3.08	3.12	3.16	3.26
Payout Ratio	58.56%	64.85%	71.13%	77.42%	83.71%	90.00%	92.50%
Projected Dividends (M)	1.73	1.94	2.16	2.38	2.61	2.85	3.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	0.41%	1.41%	2.41%
Year 1 PV (M)	1.79	1.81	1.82
Year 2 PV (M)	1.83	1.87	1.91
Year 3 PV (M)	1.86	1.92	1.98
Year 4 PV (M)	1.88	1.96	2.04
Year 5 PV (M)	1.89	1.99	2.09
PV of Terminal Value (M)	45.11	47.40	49.79
Equity Value (M)	54.38	56.95	59.63
Shares Outstanding (M)	86.74	86.74	86.74
Fair Value	$0.63	$0.66	$0.69
Upside / Downside	-65.17%	-63.52%	-61.81%

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Athens Medical C.S.A. (IATR.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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