DDM Analysis: 9535.SR

Valuation Snapshot

Stable Growth	$28.96 - $47.43	$44.45
Multi-Stage	$7.67 - $8.40	$8.03
Blended Fair Value	$26.24
Current Price	$3.60
Upside	628.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	10.47%	0.00%	0.04	0.07	0.03	0.04	0.00	0.02	0.00	0.00	0.00	0.00
YoY Growth	-	-	-42.86%	133.34%	-18.51%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.11%	1.17%	2.08%	2.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.24
(-) Cash Dividends Paid (M)	40.00
(=) Cash Retained (M)	79.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.85	14.91	8.94
Cash Retained (M)	79.24	79.24	79.24
(-) Cash Required (M)	-23.85	-14.91	-8.94
(=) Excess Retained (M)	55.39	64.34	70.30
(/) Shares Outstanding (M)	500.00	500.00	500.00
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.96	$44.45	$47.43
Upside / Downside	704.38%	1,134.65%	1,217.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.24	126.99	135.25	144.04	153.40	163.37	168.27
Payout Ratio	33.54%	44.84%	56.13%	67.42%	78.71%	90.00%	92.50%
Projected Dividends (M)	40.00	56.94	75.91	97.11	120.74	147.03	155.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.11	53.62	54.12
Year 2 PV (M)	66.05	67.31	68.58
Year 3 PV (M)	78.82	81.08	83.39
Year 4 PV (M)	91.42	94.94	98.55
Year 5 PV (M)	103.85	108.87	114.07
PV of Terminal Value (M)	3,440.84	3,607.03	3,779.59
Equity Value (M)	3,834.10	4,012.85	4,198.31
Shares Outstanding (M)	500.00	500.00	500.00
Fair Value	$7.67	$8.03	$8.40
Upside / Downside	113.01%	122.94%	133.24%

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Ladun Investment Company (9535.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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