DDM Analysis: NVGS

Valuation Snapshot

Stable Growth	$34.02 - $88.10	$51.63
Multi-Stage	$27.59 - $30.21	$28.87
Blended Fair Value	$40.25
Current Price	$14.15
Upside	184.48%
Decision	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%	0.21	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	94.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.55%	0.69%	0.00%	0.00%	0.00%	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)	103.23
(-) Cash Dividends Paid (M)	13.67
(=) Cash Retained (M)	89.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.65	12.90	7.74
Cash Retained (M)	89.57	89.57	89.57
(-) Cash Required (M)	-20.65	-12.90	-7.74
(=) Excess Retained (M)	68.92	76.66	81.82
(/) Shares Outstanding (M)	69.05	69.05	69.05
(=) Excess Retained per Share	1.00	1.11	1.18
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	1.00	1.11	1.18
(=) Adjusted Dividend	1.20	1.31	1.38
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	4.40%	5.40%	6.40%
Fair Value	$34.02	$51.63	$88.10
Upside / Downside	140.42%	264.91%	522.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.23	108.80	114.67	120.86	127.38	134.25	138.28
Payout Ratio	13.24%	28.59%	43.94%	59.29%	74.65%	90.00%	92.50%
Projected Dividends (M)	13.67	31.11	50.39	71.66	95.08	120.82	127.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	4.40%	5.40%	6.40%
Year 1 PV (M)	28.51	28.78	29.06
Year 2 PV (M)	42.33	43.15	43.97
Year 3 PV (M)	55.18	56.78	58.42
Year 4 PV (M)	67.11	69.72	72.40
Year 5 PV (M)	78.17	81.98	85.95
PV of Terminal Value (M)	1,633.69	1,713.45	1,796.29
Equity Value (M)	1,905.00	1,993.87	2,086.09
Shares Outstanding (M)	69.05	69.05	69.05
Fair Value	$27.59	$28.87	$30.21
Upside / Downside	94.96%	104.06%	113.50%

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Navigator Holdings Ltd. (NVGS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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