DDM Analysis: DSOL.SG

Valuation Snapshot

Stable Growth	$8.37 - $14.47	$10.99
Multi-Stage	$11.28 - $12.38	$11.82
Blended Fair Value	$11.41
Current Price	$23.25
Upside	-50.94%
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%	0.00%	0.13	0.12	0.12	0.13	0.13	0.00	0.28	0.28	0.50	0.07
YoY Growth	-	-	4.04%	-0.50%	-3.25%	-1.33%	0.00%	-100.00%	0.27%	-44.41%	628.23%	0.00%
Dividend Yield	-	-	0.55%	4.76%	0.83%	0.81%	0.87%	0.00%	1.67%	1.93%	3.24%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	102.70
(-) Cash Dividends Paid (M)	20.32
(=) Cash Retained (M)	82.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.54	12.84	7.70
Cash Retained (M)	82.38	82.38	82.38
(-) Cash Required (M)	-20.54	-12.84	-7.70
(=) Excess Retained (M)	61.84	69.55	74.68
(/) Shares Outstanding (M)	158.30	158.30	158.30
(=) Excess Retained per Share	0.39	0.44	0.47
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.39	0.44	0.47
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	1.45%	2.45%	3.45%
Fair Value	$8.37	$10.99	$14.47
Upside / Downside	-64.00%	-52.73%	-37.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	102.70	105.22	107.80	110.45	113.16	115.93	119.41
Payout Ratio	19.79%	33.83%	47.87%	61.91%	75.96%	90.00%	92.50%
Projected Dividends (M)	20.32	35.59	51.61	68.38	85.95	104.34	110.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	1.45%	2.45%	3.45%
Year 1 PV (M)	32.71	33.04	33.36
Year 2 PV (M)	43.59	44.45	45.33
Year 3 PV (M)	53.09	54.67	56.29
Year 4 PV (M)	61.32	63.78	66.30
Year 5 PV (M)	68.42	71.86	75.43
PV of Terminal Value (M)	1,526.59	1,603.33	1,683.12
Equity Value (M)	1,785.73	1,871.13	1,959.83
Shares Outstanding (M)	158.30	158.30	158.30
Fair Value	$11.28	$11.82	$12.38
Upside / Downside	-51.48%	-49.16%	-46.75%

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WisdomTree Solana (DSOL.SG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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