DDM Analysis: SSM.AX

Valuation Snapshot

Stable Growth	$13.33 - $28.89	$27.08
Multi-Stage	$4.41 - $4.82	$4.61
Blended Fair Value	$15.85
Current Price	$1.99
Upside	696.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.32%	31.89%	0.05	0.03	0.01	0.00	0.05	0.06	0.05	0.03	0.02	0.01
YoY Growth	-	-	66.33%	99.61%	0.00%	-100.00%	-20.89%	21.76%	37.25%	98.39%	41.88%	300.73%
Dividend Yield	-	-	2.45%	2.34%	1.81%	0.00%	5.33%	3.07%	1.72%	2.32%	1.34%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.48
(-) Cash Dividends Paid (M)	49.10
(=) Cash Retained (M)	42.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.30	11.44	6.86
Cash Retained (M)	42.38	42.38	42.38
(-) Cash Required (M)	-18.30	-11.44	-6.86
(=) Excess Retained (M)	24.08	30.95	35.52
(/) Shares Outstanding (M)	629.67	629.67	629.67
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.12	0.13	0.13
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.33	$27.08	$28.89
Upside / Downside	569.95%	1,260.69%	1,351.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.48	97.43	103.76	110.51	117.69	125.34	129.10
Payout Ratio	53.67%	60.94%	68.20%	75.47%	82.73%	90.00%	92.50%
Projected Dividends (M)	49.10	59.37	70.77	83.40	97.37	112.80	119.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.27	55.79	56.31
Year 2 PV (M)	61.32	62.49	63.67
Year 3 PV (M)	67.27	69.20	71.16
Year 4 PV (M)	73.10	75.92	78.81
Year 5 PV (M)	78.84	82.64	86.60
PV of Terminal Value (M)	2,440.45	2,558.33	2,680.72
Equity Value (M)	2,776.25	2,904.36	3,037.27
Shares Outstanding (M)	629.67	629.67	629.67
Fair Value	$4.41	$4.61	$4.82
Upside / Downside	121.56%	131.79%	142.39%

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Service Stream Limited (SSM.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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