DDM Analysis: RIT1.TA

Valuation Snapshot

Stable Growth	$76.01 - $300.51	$129.32
Multi-Stage	$58.60 - $64.16	$61.33
Blended Fair Value	$95.32
Current Price	$24.50
Upside	289.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.41%	8.30%	0.83	0.81	0.76	0.67	0.65	0.61	0.56	0.50	0.45	0.42
YoY Growth	-	-	2.77%	6.34%	13.01%	3.78%	6.46%	9.09%	11.04%	12.37%	5.39%	13.42%
Dividend Yield	-	-	4.64%	5.14%	4.82%	3.09%	4.18%	3.51%	3.48%	3.48%	3.70%	3.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	509.05
(-) Cash Dividends Paid (M)	166.82
(=) Cash Retained (M)	342.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.81	63.63	38.18
Cash Retained (M)	342.24	342.24	342.24
(-) Cash Required (M)	-101.81	-63.63	-38.18
(=) Excess Retained (M)	240.43	278.61	304.06
(/) Shares Outstanding (M)	196.34	196.34	196.34
(=) Excess Retained per Share	1.22	1.42	1.55
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	1.22	1.42	1.55
(=) Adjusted Dividend	2.07	2.27	2.40
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	4.41%	5.41%	6.41%
Fair Value	$76.01	$129.32	$300.51
Upside / Downside	210.24%	427.83%	1,126.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	509.05	536.61	565.66	596.29	628.57	662.60	682.47
Payout Ratio	32.77%	44.22%	55.66%	67.11%	78.55%	90.00%	92.50%
Projected Dividends (M)	166.82	237.27	314.86	400.15	493.76	596.34	631.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	4.41%	5.41%	6.41%
Year 1 PV (M)	219.10	221.20	223.30
Year 2 PV (M)	268.49	273.66	278.88
Year 3 PV (M)	315.11	324.25	333.56
Year 4 PV (M)	359.06	373.01	387.37
Year 5 PV (M)	400.45	419.99	440.30
PV of Terminal Value (M)	9,944.27	10,429.67	10,933.85
Equity Value (M)	11,506.48	12,041.79	12,597.26
Shares Outstanding (M)	196.34	196.34	196.34
Fair Value	$58.60	$61.33	$64.16
Upside / Downside	139.20%	150.33%	161.87%

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Reit 1 Ltd (RIT1.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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