DDM Analysis: WTC.AX

Valuation Snapshot

Stable Growth	$38.80 - $97.49	$58.33
Multi-Stage	$26.87 - $29.36	$28.09
Blended Fair Value	$43.21
Current Price	$109.03
Upside	-60.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	42.01%	41.29%	0.19	0.16	0.12	0.08	0.04	0.03	0.03	0.02	0.01	0.01
YoY Growth	-	-	21.44%	26.92%	56.98%	100.76%	18.92%	23.86%	48.48%	105.52%	-22.97%	88.58%
Dividend Yield	-	-	0.18%	0.17%	0.16%	0.21%	0.12%	0.17%	0.09%	0.12%	0.13%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	577.99
(-) Cash Dividends Paid (M)	118.86
(=) Cash Retained (M)	459.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	115.60	72.25	43.35
Cash Retained (M)	459.13	459.13	459.13
(-) Cash Required (M)	-115.60	-72.25	-43.35
(=) Excess Retained (M)	343.53	386.88	415.78
(/) Shares Outstanding (M)	333.80	333.80	333.80
(=) Excess Retained per Share	1.03	1.16	1.25
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	1.03	1.16	1.25
(=) Adjusted Dividend	1.39	1.52	1.60
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.80	$58.33	$97.49
Upside / Downside	-64.41%	-46.50%	-10.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	577.99	615.56	655.57	698.18	743.56	791.90	815.65
Payout Ratio	20.57%	34.45%	48.34%	62.23%	76.11%	90.00%	92.50%
Projected Dividends (M)	118.86	212.07	316.90	434.45	565.95	712.71	754.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.27	194.09	195.91
Year 2 PV (M)	260.47	265.43	270.44
Year 3 PV (M)	323.74	333.03	342.50
Year 4 PV (M)	382.34	397.04	412.16
Year 5 PV (M)	436.51	457.60	479.49
PV of Terminal Value (M)	7,374.49	7,730.68	8,100.51
Equity Value (M)	8,969.81	9,377.87	9,801.01
Shares Outstanding (M)	333.80	333.80	333.80
Fair Value	$26.87	$28.09	$29.36
Upside / Downside	-75.35%	-74.23%	-73.07%

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WiseTech Global Limited (WTC.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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