DDM Analysis: NTML.TA

Valuation Snapshot

Stable Growth	$213.25 - $452.42	$302.76
Multi-Stage	$163.85 - $178.61	$171.10
Blended Fair Value	$236.93
Current Price	$138.50
Upside	71.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.95%	0.00%	2.40	0.00	0.00	0.51	0.00	4.79	0.00	4.79	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-100.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.43%	0.00%	0.00%	0.32%	0.00%	8.84%	0.00%	8.30%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	225.05
(-) Cash Dividends Paid (M)	113.76
(=) Cash Retained (M)	111.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.01	28.13	16.88
Cash Retained (M)	111.29	111.29	111.29
(-) Cash Required (M)	-45.01	-28.13	-16.88
(=) Excess Retained (M)	66.28	83.15	94.41
(/) Shares Outstanding (M)	19.79	19.79	19.79
(=) Excess Retained per Share	3.35	4.20	4.77
LTM Dividend per Share	5.75	5.75	5.75
(+) Excess Retained per Share	3.35	4.20	4.77
(=) Adjusted Dividend	9.10	9.95	10.52
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.43%	6.43%	7.43%
Fair Value	$213.25	$302.76	$452.42
Upside / Downside	53.97%	118.60%	226.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	225.05	239.52	254.92	271.31	288.76	307.33	316.55
Payout Ratio	50.55%	58.44%	66.33%	74.22%	82.11%	90.00%	92.50%
Projected Dividends (M)	113.76	139.97	169.09	201.37	237.10	276.60	292.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.43%	6.43%	7.43%
Year 1 PV (M)	126.14	127.33	128.53
Year 2 PV (M)	137.31	139.92	142.57
Year 3 PV (M)	147.35	151.59	155.90
Year 4 PV (M)	156.35	162.36	168.55
Year 5 PV (M)	164.36	172.30	180.55
PV of Terminal Value (M)	2,511.17	2,632.54	2,758.56
Equity Value (M)	3,242.67	3,386.05	3,534.65
Shares Outstanding (M)	19.79	19.79	19.79
Fair Value	$163.85	$171.10	$178.61
Upside / Downside	18.31%	23.54%	28.96%

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Neto Malinda Trading Ltd. (NTML.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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