DDM Analysis: ASHG.TA

Valuation Snapshot

Stable Growth	$26.15 - $40.95	$32.96
Multi-Stage	$62.49 - $68.87	$65.62
Blended Fair Value	$49.29
Current Price	$69.66
Upside	-29.25%
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	0.00%	0.00%	0.00	1.93	3.09	3.29	1.55	1.01	0.75	0.52	0.44	0.29
YoY Growth	-	-	-100.00%	-37.50%	-5.88%	112.44%	53.89%	33.33%	44.44%	20.00%	50.00%	0.00%
Dividend Yield	-	-	0.00%	3.60%	5.73%	3.48%	2.46%	2.58%	3.38%	3.56%	3.78%	3.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	279.84
(-) Cash Dividends Paid (M)	80.00
(=) Cash Retained (M)	199.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.97	34.98	20.99
Cash Retained (M)	199.84	199.84	199.84
(-) Cash Required (M)	-55.97	-34.98	-20.99
(=) Excess Retained (M)	143.87	164.86	178.85
(/) Shares Outstanding (M)	103.45	103.45	103.45
(=) Excess Retained per Share	1.39	1.59	1.73
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	1.39	1.59	1.73
(=) Adjusted Dividend	2.16	2.37	2.50
WACC / Discount Rate	6.11%	6.11%	6.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.15	$32.96	$40.95
Upside / Downside	-62.46%	-52.69%	-41.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	279.84	277.04	274.27	271.53	268.81	266.13	274.11
Payout Ratio	28.59%	40.87%	53.15%	65.44%	77.72%	90.00%	92.50%
Projected Dividends (M)	80.00	113.23	145.78	177.68	208.92	239.51	253.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.11%	6.11%	6.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	105.63	106.71	107.79
Year 2 PV (M)	126.87	129.48	132.11
Year 3 PV (M)	144.25	148.72	153.27
Year 4 PV (M)	158.24	164.79	171.55
Year 5 PV (M)	169.24	178.05	187.23
PV of Terminal Value (M)	5,760.35	6,060.31	6,372.63
Equity Value (M)	6,464.58	6,788.05	7,124.57
Shares Outstanding (M)	103.45	103.45	103.45
Fair Value	$62.49	$65.62	$68.87
Upside / Downside	-10.29%	-5.80%	-1.13%

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Ashtrom Group Ltd. (ASHG.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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