DDM Analysis: EWG2.SG

Valuation Snapshot

Stable Growth	$8.16 - $11.92	$9.97
Multi-Stage	$14.96 - $16.39	$15.66
Blended Fair Value	$12.82
Current Price	$57.80
Upside	-77.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-5.32%	-9.94%	1.14	2.71	0.81	0.77	0.89	1.50	1.95	1.44	1.62	2.34
YoY Growth	-	-	-57.96%	232.51%	6.49%	-14.35%	-40.33%	-23.08%	35.45%	-11.05%	-30.94%	-27.87%
Dividend Yield	-	-	1.93%	4.72%	1.70%	1.59%	2.01%	3.36%	4.37%	3.23%	3.63%	5.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.58
(-) Cash Dividends Paid (M)	4.28
(=) Cash Retained (M)	1.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.12	0.70	0.42
Cash Retained (M)	1.30	1.30	1.30
(-) Cash Required (M)	-1.12	-0.70	-0.42
(=) Excess Retained (M)	0.18	0.60	0.88
(/) Shares Outstanding (M)	5.17	5.17	5.17
(=) Excess Retained per Share	0.04	0.12	0.17
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	0.04	0.12	0.17
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.16	$9.97	$11.92
Upside / Downside	-85.89%	-82.74%	-79.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.58	5.53	5.47	5.42	5.36	5.31	5.47
Payout Ratio	76.69%	79.35%	82.01%	84.68%	87.34%	90.00%	92.50%
Projected Dividends (M)	4.28	4.39	4.49	4.59	4.68	4.78	5.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.01	4.05	4.09
Year 2 PV (M)	3.74	3.82	3.90
Year 3 PV (M)	3.50	3.60	3.71
Year 4 PV (M)	3.26	3.40	3.53
Year 5 PV (M)	3.04	3.20	3.36
PV of Terminal Value (M)	59.80	62.92	66.16
Equity Value (M)	77.35	80.98	84.76
Shares Outstanding (M)	5.17	5.17	5.17
Fair Value	$14.96	$15.66	$16.39
Upside / Downside	-74.12%	-72.91%	-71.64%

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EUWAX Gold II (EWG2.SG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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