DDM Analysis: GWCS.QA

Valuation Snapshot

Stable Growth	$1.49 - $2.22	$1.84
Multi-Stage	$3.61 - $3.98	$3.79
Blended Fair Value	$2.81
Current Price	$2.76
Upside	1.99%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.35%	-1.01%	0.11	0.10	0.10	0.10	0.20	0.19	0.17	0.16	0.15	0.12
YoY Growth	-	-	10.00%	0.00%	0.00%	-50.00%	5.26%	11.76%	6.25%	6.67%	23.22%	0.00%
Dividend Yield	-	-	3.55%	3.13%	2.67%	2.36%	3.91%	4.51%	4.20%	3.94%	2.86%	2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.98
(-) Cash Dividends Paid (M)	58.60
(=) Cash Retained (M)	48.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.40	13.37	8.02
Cash Retained (M)	48.38	48.38	48.38
(-) Cash Required (M)	-21.40	-13.37	-8.02
(=) Excess Retained (M)	26.98	35.00	40.35
(/) Shares Outstanding (M)	586.03	586.03	586.03
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	-3.01%	-2.01%	-1.01%
Fair Value	$1.49	$1.84	$2.22
Upside / Downside	-46.12%	-33.48%	-19.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.98	104.83	102.72	100.66	98.64	96.66	99.56
Payout Ratio	54.78%	61.82%	68.87%	75.91%	82.96%	90.00%	92.50%
Projected Dividends (M)	58.60	64.81	70.74	76.41	81.83	86.99	92.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	-3.01%	-2.01%	-1.01%
Year 1 PV (M)	60.22	60.85	61.47
Year 2 PV (M)	61.09	62.35	63.63
Year 3 PV (M)	61.31	63.23	65.18
Year 4 PV (M)	61.01	63.57	66.20
Year 5 PV (M)	60.27	63.44	66.75
PV of Terminal Value (M)	1,814.35	1,909.83	2,009.29
Equity Value (M)	2,118.26	2,223.27	2,332.52
Shares Outstanding (M)	586.03	586.03	586.03
Fair Value	$3.61	$3.79	$3.98
Upside / Downside	30.96%	37.46%	44.21%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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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%
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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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Gulf Warehousing Company Q.P.S.C. (GWCS.QA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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