DDM Analysis: A2B.AX

Valuation Snapshot

Stable Growth	$2.59 - $3.60	$3.10
Multi-Stage	$5.66 - $6.25	$5.95
Blended Fair Value	$4.52
Current Price	$2.14
Upside	111.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-59.18%	-41.87%	0.00	0.00	0.00	0.08	0.08	0.14	0.20	0.20	0.20	0.26
YoY Growth	-	-	130.12%	23.88%	-99.31%	0.73%	-42.86%	-30.00%	0.00%	0.00%	-25.93%	-25.00%
Dividend Yield	-	-	0.10%	0.06%	0.04%	9.73%	4.40%	5.71%	7.74%	6.13%	5.35%	6.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.49
(-) Cash Dividends Paid (M)	6.06
(=) Cash Retained (M)	50.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.30	7.06	4.24
Cash Retained (M)	50.43	50.43	50.43
(-) Cash Required (M)	-11.30	-7.06	-4.24
(=) Excess Retained (M)	39.13	43.37	46.19
(/) Shares Outstanding (M)	123.08	123.08	123.08
(=) Excess Retained per Share	0.32	0.35	0.38
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.32	0.35	0.38
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-5.68%	-4.68%	-3.68%
Fair Value	$2.59	$3.10	$3.60
Upside / Downside	21.12%	44.71%	68.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.49	53.85	51.33	48.93	46.64	44.46	45.79
Payout Ratio	10.73%	26.59%	42.44%	58.29%	74.15%	90.00%	92.50%
Projected Dividends (M)	6.06	14.32	21.78	28.52	34.58	40.01	42.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-5.68%	-4.68%	-3.68%
Year 1 PV (M)	13.15	13.29	13.43
Year 2 PV (M)	18.39	18.79	19.18
Year 3 PV (M)	22.13	22.84	23.57
Year 4 PV (M)	24.66	25.72	26.81
Year 5 PV (M)	26.21	27.63	29.11
PV of Terminal Value (M)	592.22	624.29	657.73
Equity Value (M)	696.77	732.56	769.84
Shares Outstanding (M)	123.08	123.08	123.08
Fair Value	$5.66	$5.95	$6.25
Upside / Downside	164.54%	178.13%	192.28%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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A2B Australia Limited (A2B.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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