DDM Analysis: 5212.KL

Valuation Snapshot

Stable Growth	$4.79 - $23.39	$10.22
Multi-Stage	$3.08 - $3.37	$3.22
Blended Fair Value	$6.72
Current Price	$1.82
Upside	269.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.44%	3.91%	0.09	0.07	0.05	0.04	0.05	0.07	0.07	0.06	0.07	0.07
YoY Growth	-	-	23.37%	33.07%	53.38%	-23.70%	-35.32%	2.74%	7.50%	-2.95%	1.23%	8.89%
Dividend Yield	-	-	6.05%	5.63%	4.04%	2.68%	3.31%	4.53%	3.85%	4.73%	3.84%	3.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	444.36
(-) Cash Dividends Paid (M)	176.08
(=) Cash Retained (M)	268.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	88.87	55.55	33.33
Cash Retained (M)	268.28	268.28	268.28
(-) Cash Required (M)	-88.87	-55.55	-33.33
(=) Excess Retained (M)	179.41	212.74	234.96
(/) Shares Outstanding (M)	3,750.62	3,750.62	3,750.62
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	4.73%	5.73%	6.73%
Fair Value	$4.79	$10.22	$23.39
Upside / Downside	163.16%	461.49%	1,185.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	444.36	469.85	496.79	525.28	555.41	587.26	604.88
Payout Ratio	39.63%	49.70%	59.78%	69.85%	79.93%	90.00%	92.50%
Projected Dividends (M)	176.08	233.51	296.96	366.91	443.91	528.53	559.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	4.73%	5.73%	6.73%
Year 1 PV (M)	216.56	218.63	220.70
Year 2 PV (M)	255.41	260.31	265.26
Year 3 PV (M)	292.67	301.13	309.75
Year 4 PV (M)	328.38	341.10	354.19
Year 5 PV (M)	362.60	380.24	398.57
PV of Terminal Value (M)	10,081.23	10,571.78	11,081.25
Equity Value (M)	11,536.85	12,073.20	12,629.71
Shares Outstanding (M)	3,750.62	3,750.62	3,750.62
Fair Value	$3.08	$3.22	$3.37
Upside / Downside	69.01%	76.87%	85.02%

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Pavilion Real Estate Investment Trust (5212.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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