DDM Analysis: CWY.AX

Valuation Snapshot

Stable Growth	$10.15 - $27.86	$26.11
Multi-Stage	$4.00 - $4.37	$4.19
Blended Fair Value	$15.15
Current Price	$2.72
Upside	456.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.07%	10.71%	0.05	0.05	0.05	0.04	0.04	0.03	0.02	0.01	0.01	0.01
YoY Growth	-	-	12.68%	1.17%	9.47%	13.80%	19.02%	26.18%	66.67%	39.83%	12.38%	-50.47%
Dividend Yield	-	-	1.93%	1.69%	1.78%	1.67%	1.40%	1.41%	1.03%	0.87%	0.78%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	313.50
(-) Cash Dividends Paid (M)	219.40
(=) Cash Retained (M)	94.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.70	39.19	23.51
Cash Retained (M)	94.10	94.10	94.10
(-) Cash Required (M)	-62.70	-39.19	-23.51
(=) Excess Retained (M)	31.40	54.91	70.59
(/) Shares Outstanding (M)	2,238.06	2,238.06	2,238.06
(=) Excess Retained per Share	0.01	0.02	0.03
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.01	0.02	0.03
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.15	$26.11	$27.86
Upside / Downside	273.21%	859.81%	924.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	313.50	333.88	355.58	378.69	403.31	429.52	442.41
Payout Ratio	69.98%	73.99%	77.99%	81.99%	86.00%	90.00%	92.50%
Projected Dividends (M)	219.40	247.03	277.32	310.50	346.83	386.57	409.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	229.42	231.59	233.77
Year 2 PV (M)	239.19	243.75	248.34
Year 3 PV (M)	248.72	255.86	263.14
Year 4 PV (M)	258.02	267.94	278.15
Year 5 PV (M)	267.08	279.98	293.37
PV of Terminal Value (M)	7,715.18	8,087.83	8,474.74
Equity Value (M)	8,957.61	9,366.95	9,791.50
Shares Outstanding (M)	2,238.06	2,238.06	2,238.06
Fair Value	$4.00	$4.19	$4.37
Upside / Downside	47.15%	53.87%	60.85%

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Cleanaway Waste Management Limited (CWY.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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