DDM Analysis: EWG2.SG

Valuation Snapshot

Stable Growth	$8.42 - $12.41	$10.34
Multi-Stage	$15.92 - $17.46	$16.68
Blended Fair Value	$13.51
Current Price	$57.80
Upside	-76.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-5.32%	-9.94%	1.14	2.71	0.81	0.77	0.89	1.50	1.95	1.44	1.62	2.34
YoY Growth	-	-	-57.96%	232.51%	6.49%	-14.35%	-40.33%	-23.08%	35.45%	-11.05%	-30.94%	-27.87%
Dividend Yield	-	-	1.93%	4.72%	1.70%	1.59%	2.01%	3.36%	4.37%	3.23%	3.63%	5.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.58
(-) Cash Dividends Paid (M)	4.28
(=) Cash Retained (M)	1.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.12	0.70	0.42
Cash Retained (M)	1.30	1.30	1.30
(-) Cash Required (M)	-1.12	-0.70	-0.42
(=) Excess Retained (M)	0.18	0.60	0.88
(/) Shares Outstanding (M)	5.17	5.17	5.17
(=) Excess Retained per Share	0.04	0.12	0.17
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	0.04	0.12	0.17
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	8.05%	8.05%	8.05%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.42	$10.34	$12.41
Upside / Downside	-85.43%	-82.12%	-78.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.58	5.53	5.47	5.42	5.36	5.31	5.47
Payout Ratio	76.69%	79.35%	82.01%	84.68%	87.34%	90.00%	92.50%
Projected Dividends (M)	4.28	4.39	4.49	4.59	4.68	4.78	5.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.05%	8.05%	8.05%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.02	4.06	4.10
Year 2 PV (M)	3.77	3.84	3.92
Year 3 PV (M)	3.53	3.64	3.75
Year 4 PV (M)	3.30	3.44	3.58
Year 5 PV (M)	3.08	3.24	3.41
PV of Terminal Value (M)	64.65	68.01	71.52
Equity Value (M)	82.35	86.24	90.28
Shares Outstanding (M)	5.17	5.17	5.17
Fair Value	$15.92	$16.68	$17.46
Upside / Downside	-72.45%	-71.15%	-69.79%

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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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EUWAX Gold II (EWG2.SG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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