DDM Analysis: SIRIP.BK

Valuation Snapshot

Stable Growth	$5.72 - $8.78	$7.14
Multi-Stage	$12.56 - $13.82	$13.18
Blended Fair Value	$10.16
Current Price	$8.15
Upside	24.68%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-18.08%	0.00%	0.23	0.20	0.24	0.36	0.53	0.61	0.58	0.58	0.61	0.00
YoY Growth	-	-	12.50%	-15.29%	-34.42%	-32.51%	-12.56%	5.88%	-0.67%	-5.48%	0.00%	0.00%
Dividend Yield	-	-	2.88%	2.63%	2.88%	4.34%	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)	106.94
(-) Cash Dividends Paid (M)	47.60
(=) Cash Retained (M)	59.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.39	13.37	8.02
Cash Retained (M)	59.34	59.34	59.34
(-) Cash Required (M)	-21.39	-13.37	-8.02
(=) Excess Retained (M)	37.95	45.97	51.32
(/) Shares Outstanding (M)	170.00	170.00	170.00
(=) Excess Retained per Share	0.22	0.27	0.30
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.22	0.27	0.30
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.72	$7.14	$8.78
Upside / Downside	-29.87%	-12.36%	7.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.94	105.87	104.81	103.76	102.72	101.70	104.75
Payout Ratio	44.51%	53.61%	62.71%	71.80%	80.90%	90.00%	92.50%
Projected Dividends (M)	47.60	56.76	65.72	74.51	83.11	91.53	96.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	52.69	53.23	53.76
Year 2 PV (M)	56.64	57.81	58.98
Year 3 PV (M)	59.61	61.46	63.34
Year 4 PV (M)	61.73	64.29	66.93
Year 5 PV (M)	63.12	66.40	69.82
PV of Terminal Value (M)	1,841.39	1,937.27	2,037.11
Equity Value (M)	2,135.18	2,240.45	2,349.94
Shares Outstanding (M)	170.00	170.00	170.00
Fair Value	$12.56	$13.18	$13.82
Upside / Downside	54.11%	61.71%	69.61%

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Siri Prime Office Property Fund (SIRIP.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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