DDM Analysis: MAXO.TA

Valuation Snapshot

Stable Growth	$16.84 - $42.22	$25.30
Multi-Stage	$27.69 - $30.41	$29.03
Blended Fair Value	$27.16
Current Price	$16.00
Upside	69.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	3.71%	0.00%	0.42	0.42	0.28	0.50	0.05	0.35	0.18	0.31	0.00	0.00
YoY Growth	-	-	0.00%	50.00%	-42.86%	889.96%	-85.86%	100.00%	-43.16%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.17%	5.04%	4.03%	5.83%	0.37%	2.83%	1.42%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.34
(-) Cash Dividends Paid (M)	70.00
(=) Cash Retained (M)	40.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.07	13.79	8.28
Cash Retained (M)	40.34	40.34	40.34
(-) Cash Required (M)	-22.07	-13.79	-8.28
(=) Excess Retained (M)	18.27	26.54	32.06
(/) Shares Outstanding (M)	141.26	141.26	141.26
(=) Excess Retained per Share	0.13	0.19	0.23
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.13	0.19	0.23
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	5.49%	5.49%	5.49%
Growth Rate	1.71%	2.71%	3.71%
Fair Value	$16.84	$25.30	$42.22
Upside / Downside	5.23%	58.12%	163.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.34	113.33	116.40	119.56	122.81	126.14	129.93
Payout Ratio	63.44%	68.75%	74.07%	79.38%	84.69%	90.00%	92.50%
Projected Dividends (M)	70.00	77.92	86.22	94.91	104.00	113.53	120.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.49%	5.49%	5.49%
Growth Rate	1.71%	2.71%	3.71%
Year 1 PV (M)	73.15	73.86	74.58
Year 2 PV (M)	75.98	77.48	78.99
Year 3 PV (M)	78.51	80.85	83.23
Year 4 PV (M)	80.77	83.99	87.31
Year 5 PV (M)	82.76	86.91	91.22
PV of Terminal Value (M)	3,520.85	3,697.36	3,880.88
Equity Value (M)	3,912.01	4,100.45	4,296.23
Shares Outstanding (M)	141.26	141.26	141.26
Fair Value	$27.69	$29.03	$30.41
Upside / Downside	73.08%	81.42%	90.08%

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Max Stock Ltd. (MAXO.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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