DDM Analysis: DIFI.TA

Valuation Snapshot

Stable Growth	$3,473.28 - $6,982.66	$6,542.95
Multi-Stage	$1,829.02 - $2,005.95	$1,915.83
Blended Fair Value	$4,229.39
Current Price	$577.30
Upside	632.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	44.66%	0.00%	21.82	29.30	46.04	24.64	3.96	3.45	0.00	3.45	6.89	0.00
YoY Growth	-	-	-25.51%	-36.36%	86.83%	522.49%	14.90%	0.00%	-100.00%	-50.00%	0.00%	0.00%
Dividend Yield	-	-	4.03%	5.71%	10.10%	3.38%	0.72%	0.56%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103.28
(-) Cash Dividends Paid (M)	75.28
(=) Cash Retained (M)	28.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.66	12.91	7.75
Cash Retained (M)	28.00	28.00	28.00
(-) Cash Required (M)	-20.66	-12.91	-7.75
(=) Excess Retained (M)	7.34	15.09	20.25
(/) Shares Outstanding (M)	2.90	2.90	2.90
(=) Excess Retained per Share	2.53	5.20	6.98
LTM Dividend per Share	25.94	25.94	25.94
(+) Excess Retained per Share	2.53	5.20	6.98
(=) Adjusted Dividend	28.46	31.13	32.91
WACC / Discount Rate	4.93%	4.93%	4.93%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$3,473.28	$6,542.95	$6,982.66
Upside / Downside	501.64%	1,033.37%	1,109.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.28	108.52	114.03	119.82	125.91	132.30	136.27
Payout Ratio	72.89%	76.31%	79.73%	83.16%	86.58%	90.00%	92.50%
Projected Dividends (M)	75.28	82.81	90.92	99.64	109.01	119.07	126.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.93%	4.93%	4.93%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	78.17	78.92	79.67
Year 2 PV (M)	81.01	82.58	84.16
Year 3 PV (M)	83.80	86.24	88.73
Year 4 PV (M)	86.54	89.92	93.39
Year 5 PV (M)	89.23	93.60	98.14
PV of Terminal Value (M)	4,889.99	5,129.46	5,378.23
Equity Value (M)	5,308.74	5,560.72	5,822.31
Shares Outstanding (M)	2.90	2.90	2.90
Fair Value	$1,829.02	$1,915.83	$2,005.95
Upside / Downside	216.82%	231.86%	247.47%

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Financial Statements

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Ticker

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Direct Finance of Direct Group (2006) Ltd (DIFI.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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