DDM Analysis: SRAC.TA

Valuation Snapshot

Stable Growth	$559.16 - $1,091.45	$1,022.85
Multi-Stage	$170.19 - $186.27	$178.08
Blended Fair Value	$600.47
Current Price	$49.22
Upside	1,119.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.79%	0.00%	1.37	1.10	1.64	2.46	2.05	2.05	1.16	0.55	0.90	0.00
YoY Growth	-	-	25.00%	-33.33%	-33.33%	20.00%	0.00%	76.47%	112.50%	-38.88%	0.00%	0.00%
Dividend Yield	-	-	3.03%	3.55%	5.56%	3.95%	3.62%	3.95%	5.24%	3.01%	5.13%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.19
(-) Cash Dividends Paid (M)	35.00
(=) Cash Retained (M)	45.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.04	10.02	6.01
Cash Retained (M)	45.19	45.19	45.19
(-) Cash Required (M)	-16.04	-10.02	-6.01
(=) Excess Retained (M)	29.15	35.17	39.18
(/) Shares Outstanding (M)	14.61	14.61	14.61
(=) Excess Retained per Share	2.00	2.41	2.68
LTM Dividend per Share	2.40	2.40	2.40
(+) Excess Retained per Share	2.00	2.41	2.68
(=) Adjusted Dividend	4.39	4.80	5.08
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$559.16	$1,022.85	$1,091.45
Upside / Downside	1,036.05%	1,978.12%	2,117.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.19	85.40	90.95	96.87	103.16	109.87	113.16
Payout Ratio	43.65%	52.92%	62.19%	71.46%	80.73%	90.00%	92.50%
Projected Dividends (M)	35.00	45.19	56.56	69.22	83.28	98.88	104.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.10	42.50	42.90
Year 2 PV (M)	49.09	50.03	50.97
Year 3 PV (M)	55.97	57.58	59.22
Year 4 PV (M)	62.74	65.16	67.64
Year 5 PV (M)	69.40	72.76	76.24
PV of Terminal Value (M)	2,207.41	2,314.03	2,424.73
Equity Value (M)	2,486.73	2,602.05	2,721.69
Shares Outstanding (M)	14.61	14.61	14.61
Fair Value	$170.19	$178.08	$186.27
Upside / Downside	245.77%	261.81%	278.44%

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S.R. Accord Ltd. (SRAC.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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