DDM Analysis: GVYM.TA

Valuation Snapshot

Stable Growth	$166.63 - $547.78	$513.35
Multi-Stage	$71.94 - $78.73	$75.27
Blended Fair Value	$294.31
Current Price	$39.30
Upside	648.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.81%	10.74%	1.38	1.25	2.59	1.18	0.91	0.91	0.82	0.82	0.68	0.54
YoY Growth	-	-	10.91%	-51.75%	119.23%	30.00%	0.00%	11.11%	0.00%	20.00%	25.00%	9.09%
Dividend Yield	-	-	4.86%	4.49%	9.85%	3.13%	3.41%	4.38%	4.71%	4.88%	4.04%	4.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	606.96
(-) Cash Dividends Paid (M)	200.00
(=) Cash Retained (M)	406.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.39	75.87	45.52
Cash Retained (M)	406.96	406.96	406.96
(-) Cash Required (M)	-121.39	-75.87	-45.52
(=) Excess Retained (M)	285.57	331.09	361.44
(/) Shares Outstanding (M)	220.36	220.36	220.36
(=) Excess Retained per Share	1.30	1.50	1.64
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	1.30	1.50	1.64
(=) Adjusted Dividend	2.20	2.41	2.55
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$166.63	$513.35	$547.78
Upside / Downside	323.99%	1,206.23%	1,293.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	606.96	646.41	688.43	733.17	780.83	831.59	856.53
Payout Ratio	32.95%	44.36%	55.77%	67.18%	78.59%	90.00%	92.50%
Projected Dividends (M)	200.00	286.75	383.94	492.55	613.66	748.43	792.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	265.74	268.26	270.78
Year 2 PV (M)	329.73	336.01	342.35
Year 3 PV (M)	392.00	403.25	414.72
Year 4 PV (M)	452.59	470.00	487.90
Year 5 PV (M)	511.53	536.24	561.89
PV of Terminal Value (M)	13,902.32	14,573.80	15,270.99
Equity Value (M)	15,853.90	16,587.56	17,348.62
Shares Outstanding (M)	220.36	220.36	220.36
Fair Value	$71.94	$75.27	$78.73
Upside / Downside	83.07%	91.54%	100.33%

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Gav-Yam Lands Corp. Ltd (GVYM.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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