DDM Analysis: CTD.AX

Valuation Snapshot

Stable Growth	$79.80 - $238.70	$223.70
Multi-Stage	$32.79 - $35.87	$34.30
Blended Fair Value	$129.00
Current Price	$13.25
Upside	873.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.73%	20.11%	0.39	0.11	0.00	0.00	0.16	0.31	0.26	0.21	0.14	0.09
YoY Growth	-	-	254.33%	0.00%	0.00%	-100.00%	-47.09%	20.82%	22.80%	45.42%	55.17%	48.13%
Dividend Yield	-	-	2.92%	0.62%	0.00%	0.00%	1.75%	1.41%	0.97%	0.94%	1.07%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174.59
(-) Cash Dividends Paid (M)	83.12
(=) Cash Retained (M)	91.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.92	21.82	13.09
Cash Retained (M)	91.47	91.47	91.47
(-) Cash Required (M)	-34.92	-21.82	-13.09
(=) Excess Retained (M)	56.55	69.64	78.37
(/) Shares Outstanding (M)	145.46	145.46	145.46
(=) Excess Retained per Share	0.39	0.48	0.54
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.39	0.48	0.54
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.80	$223.70	$238.70
Upside / Downside	502.23%	1,588.27%	1,701.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174.59	185.94	198.02	210.89	224.60	239.20	246.38
Payout Ratio	47.61%	56.09%	64.57%	73.04%	81.52%	90.00%	92.50%
Projected Dividends (M)	83.12	104.29	127.86	154.05	183.10	215.28	227.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	96.76	97.68	98.59
Year 2 PV (M)	110.06	112.16	114.27
Year 3 PV (M)	123.03	126.56	130.16
Year 4 PV (M)	135.68	140.90	146.26
Year 5 PV (M)	148.01	155.16	162.58
PV of Terminal Value (M)	4,156.60	4,357.36	4,565.81
Equity Value (M)	4,770.13	4,989.81	5,217.68
Shares Outstanding (M)	145.46	145.46	145.46
Fair Value	$32.79	$34.30	$35.87
Upside / Downside	147.50%	158.89%	170.72%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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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%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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Corporate Travel Management Limited (CTD.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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