DDM Analysis: PSI.AX

Valuation Snapshot

Stable Growth	$12.43 - $62.61	$25.79
Multi-Stage	$7.14 - $7.79	$7.46
Blended Fair Value	$16.63
Current Price	$6.04
Upside	175.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.42%	0.00%	0.14	0.12	0.10	0.08	0.06	0.05	0.04	0.03	0.02	0.00
YoY Growth	-	-	15.54%	21.55%	29.75%	22.50%	18.20%	19.76%	57.08%	32.90%	392.65%	0.00%
Dividend Yield	-	-	2.33%	2.21%	2.42%	2.18%	2.48%	2.12%	1.55%	1.25%	1.24%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.92
(-) Cash Dividends Paid (M)	93.97
(=) Cash Retained (M)	18.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.58	14.11	8.47
Cash Retained (M)	18.95	18.95	18.95
(-) Cash Required (M)	-22.58	-14.11	-8.47
(=) Excess Retained (M)	-3.63	4.83	10.48
(/) Shares Outstanding (M)	358.69	358.69	358.69
(=) Excess Retained per Share	-0.01	0.01	0.03
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	-0.01	0.01	0.03
(=) Adjusted Dividend	0.25	0.28	0.29
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.43	$25.79	$62.61
Upside / Downside	105.79%	326.96%	936.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.92	120.26	128.07	136.40	145.27	154.71	159.35
Payout Ratio	83.22%	84.58%	85.93%	87.29%	88.64%	90.00%	92.50%
Projected Dividends (M)	93.97	101.71	110.06	119.06	128.77	139.24	147.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	93.60	94.49	95.38
Year 2 PV (M)	93.22	94.99	96.78
Year 3 PV (M)	92.81	95.47	98.19
Year 4 PV (M)	92.38	95.93	99.58
Year 5 PV (M)	91.93	96.37	100.98
PV of Terminal Value (M)	2,098.43	2,199.78	2,305.02
Equity Value (M)	2,562.36	2,677.03	2,795.93
Shares Outstanding (M)	358.69	358.69	358.69
Fair Value	$7.14	$7.46	$7.79
Upside / Downside	18.27%	23.57%	29.05%

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PSC Insurance Group Limited (PSI.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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