DDM Analysis: PAYT.TA

Valuation Snapshot

Stable Growth	$17.23 - $29.87	$22.65
Multi-Stage	$16.76 - $18.31	$17.52
Blended Fair Value	$20.09
Current Price	$17.11
Upside	17.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.30%	0.00%	0.78	0.65	0.64	0.58	0.00	0.60	0.37	0.37	0.37	0.00
YoY Growth	-	-	21.02%	0.64%	11.43%	0.00%	-100.00%	61.67%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.65%	3.97%	4.95%	3.74%	0.00%	5.77%	2.26%	3.79%	5.94%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10.70
(-) Cash Dividends Paid (M)	3.47
(=) Cash Retained (M)	7.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.14	1.34	0.80
Cash Retained (M)	7.23	7.23	7.23
(-) Cash Required (M)	-2.14	-1.34	-0.80
(=) Excess Retained (M)	5.09	5.89	6.43
(/) Shares Outstanding (M)	8.25	8.25	8.25
(=) Excess Retained per Share	0.62	0.71	0.78
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.62	0.71	0.78
(=) Adjusted Dividend	1.04	1.13	1.20
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.75%	4.75%	5.75%
Fair Value	$17.23	$22.65	$29.87
Upside / Downside	0.71%	32.41%	74.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10.70	11.21	11.74	12.30	12.89	13.50	13.90
Payout Ratio	32.45%	43.96%	55.47%	66.98%	78.49%	90.00%	92.50%
Projected Dividends (M)	3.47	4.93	6.51	8.24	10.11	12.15	12.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.75%	4.75%	5.75%
Year 1 PV (M)	4.44	4.48	4.52
Year 2 PV (M)	5.28	5.38	5.49
Year 3 PV (M)	6.01	6.19	6.37
Year 4 PV (M)	6.65	6.91	7.18
Year 5 PV (M)	7.19	7.54	7.91
PV of Terminal Value (M)	108.73	114.07	119.62
Equity Value (M)	138.30	144.58	151.09
Shares Outstanding (M)	8.25	8.25	8.25
Fair Value	$16.76	$17.52	$18.31
Upside / Downside	-2.05%	2.40%	7.01%

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Payton Industries Ltd (PAYT.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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