DDM Analysis: GRAN

Valuation Snapshot

Stable Growth	$2.15 - $3.16	$2.64
Multi-Stage	$3.80 - $4.18	$3.98
Blended Fair Value	$3.31
Current Price	$4.60
Upside	-28.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023
DPS	0.00%	0.00%	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.42
(-) Cash Dividends Paid (M)	0.77
(=) Cash Retained (M)	2.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.68	0.43	0.26
Cash Retained (M)	2.65	2.65	2.65
(-) Cash Required (M)	-0.68	-0.43	-0.26
(=) Excess Retained (M)	1.96	2.22	2.39
(/) Shares Outstanding (M)	12.34	12.34	12.34
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.15	$2.64	$3.16
Upside / Downside	-53.26%	-42.68%	-31.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.42	3.38	3.35	3.32	3.28	3.25	3.35
Payout Ratio	22.51%	36.01%	49.51%	63.00%	76.50%	90.00%	92.50%
Projected Dividends (M)	0.77	1.22	1.66	2.09	2.51	2.92	3.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.12	1.13	1.14
Year 2 PV (M)	1.39	1.42	1.45
Year 3 PV (M)	1.60	1.65	1.70
Year 4 PV (M)	1.77	1.84	1.91
Year 5 PV (M)	1.88	1.98	2.08
PV of Terminal Value (M)	39.11	41.14	43.26
Equity Value (M)	46.87	49.16	51.55
Shares Outstanding (M)	12.34	12.34	12.34
Fair Value	$3.80	$3.98	$4.18
Upside / Downside	-17.44%	-13.39%	-9.18%

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Grande Group Limited Class A Ordinary Shares (GRAN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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