DDM Analysis: MCLL.TA

Valuation Snapshot

Stable Growth	$9.31 - $13.93	$11.51
Multi-Stage	$17.72 - $19.51	$18.60
Blended Fair Value	$15.05
Current Price	$13.73
Upside	9.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.03%	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)	48.96
(-) Cash Dividends Paid (M)	10.01
(=) Cash Retained (M)	38.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.79	6.12	3.67
Cash Retained (M)	38.95	38.95	38.95
(-) Cash Required (M)	-9.79	-6.12	-3.67
(=) Excess Retained (M)	29.15	32.83	35.27
(/) Shares Outstanding (M)	43.62	43.62	43.62
(=) Excess Retained per Share	0.67	0.75	0.81
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.67	0.75	0.81
(=) Adjusted Dividend	0.90	0.98	1.04
WACC / Discount Rate	7.45%	7.45%	7.45%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.31	$11.51	$13.93
Upside / Downside	-32.19%	-16.21%	1.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.96	48.47	47.98	47.50	47.03	46.56	47.95
Payout Ratio	20.45%	34.36%	48.27%	62.18%	76.09%	90.00%	92.50%
Projected Dividends (M)	10.01	16.65	23.16	29.54	35.78	41.90	44.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.45%	7.45%	7.45%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.34	15.50	15.65
Year 2 PV (M)	19.66	20.06	20.47
Year 3 PV (M)	23.09	23.81	24.54
Year 4 PV (M)	25.78	26.84	27.94
Year 5 PV (M)	27.81	29.25	30.76
PV of Terminal Value (M)	661.38	695.82	731.68
Equity Value (M)	773.06	811.29	851.05
Shares Outstanding (M)	43.62	43.62	43.62
Fair Value	$17.72	$18.60	$19.51
Upside / Downside	29.08%	35.47%	42.10%

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Michlol Finance Ltd (MCLL.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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