DDM Analysis: P52.SI

Valuation Snapshot

Stable Growth	$0.68 - $1.10	$0.87
Multi-Stage	$1.42 - $1.56	$1.49
Blended Fair Value	$1.18
Current Price	$0.86
Upside	37.78%
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	13.87%	-3.09%	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.03	0.03	0.03
YoY Growth	-	-	38.69%	12.23%	22.84%	18.25%	-15.33%	62.51%	-70.36%	-9.88%	-11.76%	-0.37%
Dividend Yield	-	-	3.86%	4.04%	4.10%	3.89%	3.87%	3.61%	3.20%	7.02%	4.71%	5.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.90
(-) Cash Dividends Paid (M)	20.94
(=) Cash Retained (M)	21.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.58	5.36	3.22
Cash Retained (M)	21.96	21.96	21.96
(-) Cash Required (M)	-8.58	-5.36	-3.22
(=) Excess Retained (M)	13.38	16.60	18.75
(/) Shares Outstanding (M)	700.36	700.36	700.36
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-0.88%	0.12%	1.12%
Fair Value	$0.68	$0.87	$1.10
Upside / Downside	-21.04%	1.32%	29.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.90	42.95	43.01	43.06	43.11	43.16	44.46
Payout Ratio	48.81%	57.05%	65.28%	73.52%	81.76%	90.00%	92.50%
Projected Dividends (M)	20.94	24.50	28.08	31.66	35.25	38.85	41.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-0.88%	0.12%	1.12%
Year 1 PV (M)	22.82	23.05	23.28
Year 2 PV (M)	24.35	24.84	25.34
Year 3 PV (M)	25.56	26.34	27.14
Year 4 PV (M)	26.50	27.59	28.71
Year 5 PV (M)	27.20	28.60	30.06
PV of Terminal Value (M)	868.26	912.95	959.46
Equity Value (M)	994.69	1,043.37	1,093.98
Shares Outstanding (M)	700.36	700.36	700.36
Fair Value	$1.42	$1.49	$1.56
Upside / Downside	66.11%	74.24%	82.69%

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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%
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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%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Pan-United Corporation Ltd (P52.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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