DDM Analysis: VTNA.TA

Valuation Snapshot

Stable Growth	$26.50 - $64.34	$60.30
Multi-Stage	$9.57 - $10.46	$10.01
Blended Fair Value	$35.15
Current Price	$23.18
Upside	51.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.91%	0.00%	0.80	0.90	1.15	0.94	0.63	0.50	0.38	0.31	0.27	0.30
YoY Growth	-	-	-10.47%	-21.82%	22.22%	50.00%	25.00%	33.33%	20.00%	15.38%	-9.72%	0.00%
Dividend Yield	-	-	3.84%	4.41%	5.57%	3.03%	3.51%	2.86%	2.59%	2.37%	2.17%	3.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.50
(-) Cash Dividends Paid (M)	10.00
(=) Cash Retained (M)	5.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.10	1.94	1.16
Cash Retained (M)	5.50	5.50	5.50
(-) Cash Required (M)	-3.10	-1.94	-1.16
(=) Excess Retained (M)	2.40	3.56	4.34
(/) Shares Outstanding (M)	47.91	47.91	47.91
(=) Excess Retained per Share	0.05	0.07	0.09
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.05	0.07	0.09
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.50	$60.30	$64.34
Upside / Downside	14.33%	160.12%	177.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.50	16.51	17.58	18.72	19.94	21.23	21.87
Payout Ratio	64.52%	69.62%	74.71%	79.81%	84.90%	90.00%	92.50%
Projected Dividends (M)	10.00	11.49	13.13	14.94	16.93	19.11	20.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.69	10.79	10.89
Year 2 PV (M)	11.36	11.57	11.79
Year 3 PV (M)	12.01	12.36	12.71
Year 4 PV (M)	12.66	13.14	13.65
Year 5 PV (M)	13.29	13.93	14.60
PV of Terminal Value (M)	398.45	417.69	437.67
Equity Value (M)	458.45	479.48	501.30
Shares Outstanding (M)	47.91	47.91	47.91
Fair Value	$9.57	$10.01	$10.46
Upside / Downside	-58.72%	-56.82%	-54.86%

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Vitania Ltd. (VTNA.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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