DDM Analysis: ATRUST.AT

Valuation Snapshot

Stable Growth	$10.28 - $17.46	$13.41
Multi-Stage	$16.89 - $18.52	$17.69
Blended Fair Value	$15.55
Current Price	$8.38
Upside	85.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.43%	-10.49%	0.53	0.21	0.34	0.64	0.67	0.10	0.15	0.00	0.15	0.20
YoY Growth	-	-	149.11%	-36.38%	-47.29%	-4.81%	586.60%	-35.05%	0.00%	-100.00%	-24.99%	-87.56%
Dividend Yield	-	-	6.19%	2.93%	6.40%	12.62%	12.40%	1.25%	0.21%	0.00%	0.06%	10.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.58
(-) Cash Dividends Paid (M)	1.72
(=) Cash Retained (M)	0.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.52	0.32	0.19
Cash Retained (M)	0.86	0.86	0.86
(-) Cash Required (M)	-0.52	-0.32	-0.19
(=) Excess Retained (M)	0.34	0.54	0.66
(/) Shares Outstanding (M)	3.08	3.08	3.08
(=) Excess Retained per Share	0.11	0.17	0.22
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.11	0.17	0.22
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.58%	1.58%	2.58%
Fair Value	$10.28	$13.41	$17.46
Upside / Downside	22.72%	59.98%	108.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.58	2.62	2.66	2.71	2.75	2.79	2.88
Payout Ratio	66.75%	71.40%	76.05%	80.70%	85.35%	90.00%	92.50%
Projected Dividends (M)	1.72	1.87	2.03	2.18	2.35	2.51	2.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.58%	1.58%	2.58%
Year 1 PV (M)	1.73	1.75	1.76
Year 2 PV (M)	1.73	1.76	1.80
Year 3 PV (M)	1.72	1.78	1.83
Year 4 PV (M)	1.71	1.78	1.85
Year 5 PV (M)	1.69	1.78	1.87
PV of Terminal Value (M)	43.47	45.67	47.97
Equity Value (M)	52.06	54.52	57.08
Shares Outstanding (M)	3.08	3.08	3.08
Fair Value	$16.89	$17.69	$18.52
Upside / Downside	101.51%	111.05%	120.95%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. (ATRUST.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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