Definitive Analysis

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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

Metrics Master Income Trust (MXT.AX)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth	$2.20 - $3.12	$2.66
Multi-Stage	$3.64 - $3.97	$3.80
Blended Fair Value	$3.23
Current Price	$2.02
Upside	59.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.00	0.16	0.12	0.06	0.06	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	33.03%	104.58%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	7.96%	6.42%	3.07%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	343.69
(-) Cash Dividends Paid (M)	292.74
(=) Cash Retained (M)	50.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.74	42.96	25.78
Cash Retained (M)	50.96	50.96	50.96
(-) Cash Required (M)	-68.74	-42.96	-25.78
(=) Excess Retained (M)	-17.78	7.99	25.18
(/) Shares Outstanding (M)	1,019.30	1,019.30	1,019.30
(=) Excess Retained per Share	-0.02	0.01	0.02
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	-0.02	0.01	0.02
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.20	$2.66	$3.12
Upside / Downside	9.06%	31.45%	54.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	343.69	340.26	336.85	333.48	330.15	326.85	336.65
Payout Ratio	85.17%	86.14%	87.10%	88.07%	89.03%	90.00%	92.50%
Projected Dividends (M)	292.74	293.09	293.41	293.70	293.95	294.16	311.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	263.76	266.45	269.14
Year 2 PV (M)	237.62	242.49	247.41
Year 3 PV (M)	214.04	220.66	227.41
Year 4 PV (M)	192.78	200.77	209.01
Year 5 PV (M)	173.61	182.65	192.07
PV of Terminal Value (M)	2,625.54	2,762.26	2,904.61
Equity Value (M)	3,707.35	3,875.28	4,049.65
Shares Outstanding (M)	1,019.30	1,019.30	1,019.30
Fair Value	$3.64	$3.80	$3.97
Upside / Downside	80.06%	88.21%	96.68%

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