DDM Analysis: AFP.AX

Valuation Snapshot

Stable Growth	$42.94 - $50.59	$47.41
Multi-Stage	$12.83 - $14.07	$13.44
Blended Fair Value	$30.43
Current Price	$2.53
Upside	1,102.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.28%	8.20%	0.02	0.01	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.02
YoY Growth	-	-	45.41%	0.00%	0.00%	-100.00%	-66.78%	322.39%	-67.48%	0.00%	-100.00%	116.51%
Dividend Yield	-	-	0.61%	0.33%	0.00%	0.00%	0.04%	0.13%	0.06%	0.16%	0.00%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.57
(-) Cash Dividends Paid (M)	2.83
(=) Cash Retained (M)	24.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.51	3.45	2.07
Cash Retained (M)	24.74	24.74	24.74
(-) Cash Required (M)	-5.51	-3.45	-2.07
(=) Excess Retained (M)	19.22	21.29	22.67
(/) Shares Outstanding (M)	108.38	108.38	108.38
(=) Excess Retained per Share	0.18	0.20	0.21
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.18	0.20	0.21
(=) Adjusted Dividend	0.20	0.22	0.24
WACC / Discount Rate	5.05%	5.05%	5.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.94	$47.41	$50.59
Upside / Downside	1,597.24%	1,773.96%	1,899.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.57	29.36	31.27	33.30	35.47	37.77	38.91
Payout Ratio	10.27%	26.22%	42.16%	58.11%	74.05%	90.00%	92.50%
Projected Dividends (M)	2.83	7.70	13.19	19.35	26.27	34.00	35.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.05%	5.05%	5.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.26	7.33	7.40
Year 2 PV (M)	11.72	11.95	12.17
Year 3 PV (M)	16.23	16.69	17.17
Year 4 PV (M)	20.77	21.57	22.39
Year 5 PV (M)	25.35	26.58	27.85
PV of Terminal Value (M)	1,309.56	1,372.81	1,438.48
Equity Value (M)	1,390.89	1,456.92	1,525.46
Shares Outstanding (M)	108.38	108.38	108.38
Fair Value	$12.83	$13.44	$14.07
Upside / Downside	407.24%	431.32%	456.31%

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AFT Pharmaceuticals Limited (AFP.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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