DDM Analysis: WAS.WA

Valuation Snapshot

Stable Growth	$2.76 - $5.30	$3.78
Multi-Stage	$4.04 - $4.44	$4.24
Blended Fair Value	$4.01
Current Price	$1.78
Upside	125.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	12.87%	0.03	0.07	0.10	0.06	0.02	0.00	0.00	0.00	0.07	0.04
YoY Growth	-	-	-53.42%	-27.91%	52.31%	228.18%	0.00%	0.00%	0.00%	-100.00%	74.97%	300.00%
Dividend Yield	-	-	1.68%	4.14%	5.78%	3.12%	1.11%	0.00%	0.00%	0.00%	3.75%	1.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.89
(-) Cash Dividends Paid (M)	3.24
(=) Cash Retained (M)	13.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.38	2.11	1.27
Cash Retained (M)	13.65	13.65	13.65
(-) Cash Required (M)	-3.38	-2.11	-1.27
(=) Excess Retained (M)	10.27	11.54	12.38
(/) Shares Outstanding (M)	95.56	95.56	95.56
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	1.47%	2.47%	3.47%
Fair Value	$2.76	$3.78	$5.30
Upside / Downside	55.26%	112.39%	197.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.89	17.31	17.74	18.17	18.62	19.08	19.66
Payout Ratio	19.20%	33.36%	47.52%	61.68%	75.84%	90.00%	92.50%
Projected Dividends (M)	3.24	5.77	8.43	11.21	14.12	17.17	18.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	1.47%	2.47%	3.47%
Year 1 PV (M)	5.36	5.41	5.47
Year 2 PV (M)	7.26	7.41	7.55
Year 3 PV (M)	8.97	9.24	9.51
Year 4 PV (M)	10.49	10.91	11.34
Year 5 PV (M)	11.85	12.44	13.06
PV of Terminal Value (M)	342.49	359.70	377.60
Equity Value (M)	386.42	405.11	424.53
Shares Outstanding (M)	95.56	95.56	95.56
Fair Value	$4.04	$4.24	$4.44
Upside / Downside	127.18%	138.17%	149.59%

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Wasko S.A. (WAS.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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