DDM Analysis: GDG.AX

Valuation Snapshot

Stable Growth	$9.30 - $14.35	$11.64
Multi-Stage	$10.92 - $11.98	$11.44
Blended Fair Value	$11.54
Current Price	$5.50
Upside	109.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	29.45%	16.48%	0.04	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
YoY Growth	-	-	158.49%	-1.01%	7.87%	14.37%	15.15%	0.48%	0.73%	20.06%	0.00%	4.08%
Dividend Yield	-	-	0.68%	0.61%	1.17%	1.10%	1.40%	1.65%	2.00%	0.90%	1.33%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235.56
(-) Cash Dividends Paid (M)	8.93
(=) Cash Retained (M)	226.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.11	29.44	17.67
Cash Retained (M)	226.63	226.63	226.63
(-) Cash Required (M)	-47.11	-29.44	-17.67
(=) Excess Retained (M)	179.52	197.18	208.96
(/) Shares Outstanding (M)	243.05	243.05	243.05
(=) Excess Retained per Share	0.74	0.81	0.86
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.74	0.81	0.86
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	1.49%	2.49%	3.49%
Fair Value	$9.30	$11.64	$14.35
Upside / Downside	69.04%	111.72%	160.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235.56	241.42	247.42	253.58	259.89	266.35	274.34
Payout Ratio	3.79%	21.03%	38.27%	55.52%	72.76%	90.00%	92.50%
Projected Dividends (M)	8.93	50.78	94.70	140.78	189.09	239.72	253.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	1.49%	2.49%	3.49%
Year 1 PV (M)	45.73	46.18	46.63
Year 2 PV (M)	76.81	78.33	79.87
Year 3 PV (M)	102.84	105.91	109.04
Year 4 PV (M)	124.40	129.38	134.50
Year 5 PV (M)	142.04	149.17	156.60
PV of Terminal Value (M)	2,162.97	2,271.66	2,384.67
Equity Value (M)	2,654.79	2,780.63	2,911.30
Shares Outstanding (M)	243.05	243.05	243.05
Fair Value	$10.92	$11.44	$11.98
Upside / Downside	98.60%	108.01%	117.79%

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Generation Development Group Limited (GDG.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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