DDM Analysis: ETGA.TA

Valuation Snapshot

Stable Growth	$59.07 - $340.24	$110.36
Multi-Stage	$36.59 - $39.90	$38.21
Blended Fair Value	$74.29
Current Price	$22.09
Upside	236.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	37.97%	0.00%	0.91	0.52	0.91	0.85	0.68	0.18	0.00	0.00	0.00	0.00
YoY Growth	-	-	73.91%	-42.50%	6.21%	25.53%	275.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.37%	4.96%	5.22%	3.86%	3.22%	0.86%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.78
(-) Cash Dividends Paid (M)	34.00
(=) Cash Retained (M)	3.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.56	4.72	2.83
Cash Retained (M)	3.78	3.78	3.78
(-) Cash Required (M)	-7.56	-4.72	-2.83
(=) Excess Retained (M)	-3.78	-0.94	0.95
(/) Shares Outstanding (M)	22.08	22.08	22.08
(=) Excess Retained per Share	-0.17	-0.04	0.04
LTM Dividend per Share	1.54	1.54	1.54
(+) Excess Retained per Share	-0.17	-0.04	0.04
(=) Adjusted Dividend	1.37	1.50	1.58
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.07	$110.36	$340.24
Upside / Downside	167.39%	399.61%	1,440.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.78	40.24	42.85	45.64	48.60	51.76	53.32
Payout Ratio	89.99%	89.99%	90.00%	90.00%	90.00%	90.00%	92.50%
Projected Dividends (M)	34.00	36.21	38.56	41.07	43.74	46.59	49.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.23	33.55	33.86
Year 2 PV (M)	32.48	33.10	33.72
Year 3 PV (M)	31.74	32.65	33.58
Year 4 PV (M)	31.03	32.22	33.45
Year 5 PV (M)	30.32	31.79	33.31
PV of Terminal Value (M)	649.20	680.56	713.12
Equity Value (M)	808.00	843.86	881.04
Shares Outstanding (M)	22.08	22.08	22.08
Fair Value	$36.59	$38.21	$39.90
Upside / Downside	65.64%	72.99%	80.61%

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ETGA Group Ltd (ETGA.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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