DDM Analysis: IZS.WA

Valuation Snapshot

Stable Growth	$3.90 - $6.06	$4.90
Multi-Stage	$8.81 - $9.71	$9.26
Blended Fair Value	$7.08
Current Price	$3.19
Upside	121.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.09%	-2.84%	0.09	0.12	0.12	0.12	0.11	0.13	0.09	0.07	0.00	0.07
YoY Growth	-	-	-24.99%	0.00%	0.00%	9.08%	-15.39%	44.45%	28.58%	0.00%	-100.00%	-41.66%
Dividend Yield	-	-	3.23%	4.70%	3.66%	4.25%	3.23%	6.09%	2.78%	1.63%	0.00%	1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.51
(-) Cash Dividends Paid (M)	2.95
(=) Cash Retained (M)	10.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.70	1.69	1.01
Cash Retained (M)	10.57	10.57	10.57
(-) Cash Required (M)	-2.70	-1.69	-1.01
(=) Excess Retained (M)	7.86	8.88	9.55
(/) Shares Outstanding (M)	32.69	32.69	32.69
(=) Excess Retained per Share	0.24	0.27	0.29
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.24	0.27	0.29
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-1.97%	-0.97%	0.03%
Fair Value	$3.90	$4.90	$6.06
Upside / Downside	22.23%	53.52%	89.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.51	13.38	13.25	13.12	13.00	12.87	13.26
Payout Ratio	21.81%	35.45%	49.09%	62.72%	76.36%	90.00%	92.50%
Projected Dividends (M)	2.95	4.74	6.51	8.23	9.93	11.58	12.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-1.97%	-0.97%	0.03%
Year 1 PV (M)	4.42	4.46	4.51
Year 2 PV (M)	5.64	5.75	5.87
Year 3 PV (M)	6.64	6.84	7.05
Year 4 PV (M)	7.45	7.76	8.08
Year 5 PV (M)	8.09	8.52	8.95
PV of Terminal Value (M)	255.86	269.18	283.05
Equity Value (M)	288.10	302.51	317.51
Shares Outstanding (M)	32.69	32.69	32.69
Fair Value	$8.81	$9.26	$9.71
Upside / Downside	176.31%	190.13%	204.52%

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Izostal S.A. (IZS.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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