DDM Analysis: DPM.AX

Valuation Snapshot

Stable Growth	$14.23 - $21.58	$17.68
Multi-Stage	$17.61 - $19.31	$18.45
Blended Fair Value	$18.07
Current Price	$22.36
Upside	-19.21%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.15	0.16	0.15	0.12	0.07	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-4.13%	5.45%	29.19%	60.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.76%	0.76%	0.70%	0.49%	0.30%	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)	303.35
(-) Cash Dividends Paid (M)	27.71
(=) Cash Retained (M)	275.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.67	37.92	22.75
Cash Retained (M)	275.64	275.64	275.64
(-) Cash Required (M)	-60.67	-37.92	-22.75
(=) Excess Retained (M)	214.97	237.72	252.89
(/) Shares Outstanding (M)	191.71	191.71	191.71
(=) Excess Retained per Share	1.12	1.24	1.32
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	1.12	1.24	1.32
(=) Adjusted Dividend	1.27	1.38	1.46
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	0.94%	1.94%	2.94%
Fair Value	$14.23	$17.68	$21.58
Upside / Downside	-36.37%	-20.91%	-3.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	303.35	309.24	315.24	321.36	327.60	333.96	343.97
Payout Ratio	9.14%	25.31%	41.48%	57.65%	73.83%	90.00%	92.50%
Projected Dividends (M)	27.71	78.26	130.77	185.28	241.86	300.56	318.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	0.94%	1.94%	2.94%
Year 1 PV (M)	70.50	71.20	71.90
Year 2 PV (M)	106.11	108.22	110.36
Year 3 PV (M)	135.43	139.50	143.64
Year 4 PV (M)	159.25	165.66	172.26
Year 5 PV (M)	178.28	187.29	196.65
PV of Terminal Value (M)	2,726.46	2,864.22	3,007.48
Equity Value (M)	3,376.04	3,536.08	3,702.29
Shares Outstanding (M)	191.71	191.71	191.71
Fair Value	$17.61	$18.45	$19.31
Upside / Downside	-21.24%	-17.51%	-13.63%

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Dpmmetals Cdi 1:1 [dpm] (DPM.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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