DDM Analysis: ZUE.WA

Valuation Snapshot

Stable Growth	$47.80 - $80.24	$75.20
Multi-Stage	$13.05 - $14.28	$13.65
Blended Fair Value	$44.43
Current Price	$9.04
Upside	391.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	59.17%	76.43%	0.21	0.07	0.15	0.00	0.00	0.02	0.01	0.00	0.33	0.00
YoY Growth	-	-	199.94%	-53.32%	0.00%	0.00%	-100.00%	77.95%	26,200.00%	-99.99%	109,143.14%	-57.96%
Dividend Yield	-	-	2.12%	0.57%	2.97%	0.00%	0.00%	0.63%	0.31%	0.00%	2.79%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.24
(-) Cash Dividends Paid (M)	4.78
(=) Cash Retained (M)	4.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.85	1.15	0.69
Cash Retained (M)	4.46	4.46	4.46
(-) Cash Required (M)	-1.85	-1.15	-0.69
(=) Excess Retained (M)	2.61	3.30	3.77
(/) Shares Outstanding (M)	22.90	22.90	22.90
(=) Excess Retained per Share	0.11	0.14	0.16
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.11	0.14	0.16
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47.80	$75.20	$80.24
Upside / Downside	428.81%	731.86%	787.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.24	9.84	10.48	11.16	11.89	12.66	13.04
Payout Ratio	51.75%	59.40%	67.05%	74.70%	82.35%	90.00%	92.50%
Projected Dividends (M)	4.78	5.84	7.03	8.34	9.79	11.39	12.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5.45	5.50	5.55
Year 2 PV (M)	6.11	6.23	6.35
Year 3 PV (M)	6.76	6.96	7.16
Year 4 PV (M)	7.41	7.69	7.98
Year 5 PV (M)	8.04	8.43	8.83
PV of Terminal Value (M)	264.95	277.75	291.03
Equity Value (M)	298.72	312.56	326.91
Shares Outstanding (M)	22.90	22.90	22.90
Fair Value	$13.05	$13.65	$14.28
Upside / Downside	44.31%	51.00%	57.93%

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ZUE S.A. (ZUE.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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