DDM Analysis: 9630.SR

Valuation Snapshot

Stable Growth	$6.36 - $9.73	$7.93
Multi-Stage	$13.36 - $14.72	$14.03
Blended Fair Value	$10.98
Current Price	$9.16
Upside	19.87%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.20	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.89%	0.00%	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)	14.18
(-) Cash Dividends Paid (M)	2.00
(=) Cash Retained (M)	12.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.84	1.77	1.06
Cash Retained (M)	12.18	12.18	12.18
(-) Cash Required (M)	-2.84	-1.77	-1.06
(=) Excess Retained (M)	9.34	10.41	11.12
(/) Shares Outstanding (M)	20.00	20.00	20.00
(=) Excess Retained per Share	0.47	0.52	0.56
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.47	0.52	0.56
(=) Adjusted Dividend	0.57	0.62	0.66
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.36	$7.93	$9.73
Upside / Downside	-30.58%	-13.38%	6.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.18	14.04	13.90	13.76	13.62	13.48	13.89
Payout Ratio	14.11%	29.28%	44.46%	59.64%	74.82%	90.00%	92.50%
Projected Dividends (M)	2.00	4.11	6.18	8.21	10.19	12.14	12.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.81	3.85	3.89
Year 2 PV (M)	5.31	5.42	5.53
Year 3 PV (M)	6.54	6.75	6.95
Year 4 PV (M)	7.54	7.85	8.17
Year 5 PV (M)	8.32	8.76	9.21
PV of Terminal Value (M)	235.63	247.90	260.68
Equity Value (M)	267.17	280.53	294.44
Shares Outstanding (M)	20.00	20.00	20.00
Fair Value	$13.36	$14.03	$14.72
Upside / Downside	45.83%	53.13%	60.72%

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Ratio Speciality Company for Trading (9630.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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