DDM Analysis: SHA.AX

Valuation Snapshot

Stable Growth	$20.58 - $85.62	$52.44
Multi-Stage	$12.76 - $13.96	$13.35
Blended Fair Value	$32.90
Current Price	$4.45
Upside	639.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.65%	17.95%	0.18	0.14	0.07	0.10	0.15	0.13	0.11	0.08	0.05	0.04
YoY Growth	-	-	29.75%	107.33%	-28.96%	-34.03%	9.46%	21.73%	37.64%	71.45%	24.24%	5.79%
Dividend Yield	-	-	4.12%	6.20%	4.67%	5.08%	7.24%	6.62%	5.44%	3.95%	2.30%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.14
(-) Cash Dividends Paid (M)	23.71
(=) Cash Retained (M)	13.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.43	4.64	2.79
Cash Retained (M)	13.42	13.42	13.42
(-) Cash Required (M)	-7.43	-4.64	-2.79
(=) Excess Retained (M)	6.00	8.78	10.64
(/) Shares Outstanding (M)	85.58	85.58	85.58
(=) Excess Retained per Share	0.07	0.10	0.12
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.07	0.10	0.12
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.65%	5.65%	6.65%
Fair Value	$20.58	$52.44	$85.62
Upside / Downside	362.57%	1,078.49%	1,824.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.14	39.24	41.46	43.80	46.28	48.89	50.36
Payout Ratio	63.86%	69.08%	74.31%	79.54%	84.77%	90.00%	92.50%
Projected Dividends (M)	23.71	27.11	30.81	34.84	39.23	44.00	46.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.65%	5.65%	6.65%
Year 1 PV (M)	25.23	25.47	25.71
Year 2 PV (M)	26.69	27.20	27.72
Year 3 PV (M)	28.09	28.91	29.74
Year 4 PV (M)	29.44	30.59	31.76
Year 5 PV (M)	30.74	32.24	33.79
PV of Terminal Value (M)	951.65	997.99	1,046.12
Equity Value (M)	1,091.85	1,142.40	1,194.84
Shares Outstanding (M)	85.58	85.58	85.58
Fair Value	$12.76	$13.35	$13.96
Upside / Downside	186.69%	199.96%	213.73%

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SHAPE Australia Corporation Limited (SHA.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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