DDM Analysis: ASIEX

Valuation Snapshot

Stable Growth	$2.03 - $2.80	$2.42
Multi-Stage	$4.80 - $5.28	$5.03
Blended Fair Value	$3.73
Current Price	$8.69
Upside	-57.13%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	-8.96%	0.35	0.47	0.57	0.53	0.61	0.00	0.69	0.76	0.89	0.89
YoY Growth	-	-	-25.01%	-17.78%	8.04%	-13.49%	0.00%	-100.00%	-8.76%	-14.51%	-0.67%	-1.59%
Dividend Yield	-	-	4.08%	5.35%	5.88%	5.09%	6.09%	0.00%	7.05%	7.72%	9.56%	9.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.06
(-) Cash Dividends Paid (M)	3.92
(=) Cash Retained (M)	0.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.81	0.51	0.30
Cash Retained (M)	0.14	0.14	0.14
(-) Cash Required (M)	-0.81	-0.51	-0.30
(=) Excess Retained (M)	-0.68	-0.37	-0.17
(/) Shares Outstanding (M)	11.07	11.07	11.07
(=) Excess Retained per Share	-0.06	-0.03	-0.02
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	-0.06	-0.03	-0.02
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	-5.77%	-4.77%	-3.77%
Fair Value	$2.03	$2.42	$2.80
Upside / Downside	-76.69%	-72.20%	-67.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.06	3.86	3.68	3.50	3.34	3.18	3.27
Payout Ratio	96.64%	95.31%	93.98%	92.66%	91.33%	90.00%	92.50%
Projected Dividends (M)	3.92	3.68	3.46	3.25	3.05	2.86	3.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	-5.77%	-4.77%	-3.77%
Year 1 PV (M)	3.38	3.41	3.45
Year 2 PV (M)	2.91	2.97	3.03
Year 3 PV (M)	2.51	2.59	2.67
Year 4 PV (M)	2.16	2.25	2.35
Year 5 PV (M)	1.86	1.96	2.06
PV of Terminal Value (M)	40.35	42.54	44.82
Equity Value (M)	53.16	55.72	58.38
Shares Outstanding (M)	11.07	11.07	11.07
Fair Value	$4.80	$5.03	$5.28
Upside / Downside	-44.72%	-42.06%	-39.29%

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Financial Statements

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Ticker

Industry

Sector

Multisector Income Fund - Investor Class (ASIEX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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