DDM Analysis: GFH.AE

Valuation Snapshot

Stable Growth	$1.26 - $7.34	$2.33
Multi-Stage	$0.77 - $0.85	$0.81
Blended Fair Value	$1.57
Current Price	$0.46
Upside	237.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.33%	138.93%	0.02	0.02	0.01	0.00	0.01	0.01	0.02	0.02	0.00	0.00
YoY Growth	-	-	3.83%	30.30%	155.01%	-53.05%	20.61%	-59.24%	27.34%	0.00%	-100.00%	17,430.00%
Dividend Yield	-	-	5.68%	5.67%	4.90%	1.50%	6.37%	6.17%	8.87%	4.97%	0.00%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	131.83
(-) Cash Dividends Paid (M)	101.70
(=) Cash Retained (M)	30.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.37	16.48	9.89
Cash Retained (M)	30.13	30.13	30.13
(-) Cash Required (M)	-26.37	-16.48	-9.89
(=) Excess Retained (M)	3.77	13.65	20.25
(/) Shares Outstanding (M)	3,571.94	3,571.94	3,571.94
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.26	$2.33	$7.34
Upside / Downside	170.35%	400.35%	1,479.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.83	140.40	149.52	159.24	169.59	180.62	186.03
Payout Ratio	77.14%	79.71%	82.29%	84.86%	87.43%	90.00%	92.50%
Projected Dividends (M)	101.70	111.92	123.04	135.13	148.27	162.55	172.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	102.67	103.65	104.62
Year 2 PV (M)	103.55	105.52	107.52
Year 3 PV (M)	104.34	107.33	110.38
Year 4 PV (M)	105.03	109.07	113.22
Year 5 PV (M)	105.64	110.74	116.04
PV of Terminal Value (M)	2,246.15	2,354.64	2,467.28
Equity Value (M)	2,767.38	2,890.95	3,019.06
Shares Outstanding (M)	3,571.94	3,571.94	3,571.94
Fair Value	$0.77	$0.81	$0.85
Upside / Downside	66.67%	74.12%	81.83%

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GFH Financial Group BSC (GFH.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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