DDM Analysis: GLRS.TA

Valuation Snapshot

Stable Growth	$402.63 - $599.22	$496.29
Multi-Stage	$806.79 - $884.35	$844.82
Blended Fair Value	$670.56
Current Price	$488.00
Upside	37.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.59%	0.00%	45.15	49.11	43.56	54.65	67.32	51.48	53.07	48.31	51.28	42.77
YoY Growth	-	-	-8.06%	12.73%	-20.29%	-18.82%	30.77%	-2.99%	9.84%	-5.79%	19.91%	0.00%
Dividend Yield	-	-	8.25%	12.27%	11.90%	13.10%	15.55%	16.11%	14.64%	8.19%	8.69%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.58
(-) Cash Dividends Paid (M)	58.00
(=) Cash Retained (M)	4.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.52	7.82	4.69
Cash Retained (M)	4.58	4.58	4.58
(-) Cash Required (M)	-12.52	-7.82	-4.69
(=) Excess Retained (M)	-7.94	-3.25	-0.12
(/) Shares Outstanding (M)	1.26	1.26	1.26
(=) Excess Retained per Share	-6.29	-2.57	-0.09
LTM Dividend per Share	45.94	45.94	45.94
(+) Excess Retained per Share	-6.29	-2.57	-0.09
(=) Adjusted Dividend	39.65	43.37	45.84
WACC / Discount Rate	7.65%	7.65%	7.65%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$402.63	$496.29	$599.22
Upside / Downside	-17.49%	1.70%	22.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.58	61.95	61.33	60.72	60.11	59.51	61.29
Payout Ratio	92.69%	92.15%	91.61%	91.07%	90.54%	90.00%	92.50%
Projected Dividends (M)	58.00	57.09	56.19	55.30	54.42	53.56	56.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.65%	7.65%	7.65%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	52.49	53.03	53.57
Year 2 PV (M)	47.51	48.48	49.47
Year 3 PV (M)	43.00	44.33	45.68
Year 4 PV (M)	38.91	40.52	42.19
Year 5 PV (M)	35.21	37.05	38.96
PV of Terminal Value (M)	801.52	843.26	886.72
Equity Value (M)	1,018.65	1,066.67	1,116.58
Shares Outstanding (M)	1.26	1.26	1.26
Fair Value	$806.79	$844.82	$884.35
Upside / Downside	65.33%	73.12%	81.22%

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Globrands Ltd. (GLRS.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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