DDM Analysis: N2IU.SI

Valuation Snapshot

Stable Growth	$8.45 - $26.01	$24.38
Multi-Stage	$3.53 - $3.86	$3.70
Blended Fair Value	$14.04
Current Price	$1.43
Upside	881.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.70%	12.54%	0.08	0.09	0.10	0.06	0.03	0.05	0.05	0.05	0.04	0.03
YoY Growth	-	-	-5.51%	-6.11%	55.40%	91.47%	-39.82%	6.50%	1.10%	28.88%	28.48%	15.01%
Dividend Yield	-	-	6.69%	7.19%	5.86%	3.34%	1.48%	2.75%	2.41%	3.16%	2.40%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	689.30
(-) Cash Dividends Paid (M)	316.84
(=) Cash Retained (M)	372.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	137.86	86.16	51.70
Cash Retained (M)	372.46	372.46	372.46
(-) Cash Required (M)	-137.86	-86.16	-51.70
(=) Excess Retained (M)	234.60	286.29	320.76
(/) Shares Outstanding (M)	5,270.37	5,270.37	5,270.37
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.45	$24.38	$26.01
Upside / Downside	490.76%	1,604.58%	1,718.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	689.30	734.10	781.82	832.64	886.76	944.40	972.73
Payout Ratio	45.97%	54.77%	63.58%	72.39%	81.19%	90.00%	92.50%
Projected Dividends (M)	316.84	402.09	497.08	602.72	719.99	849.96	899.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	372.93	376.46	380.00
Year 2 PV (M)	427.59	435.74	443.96
Year 3 PV (M)	480.87	494.67	508.74
Year 4 PV (M)	532.77	553.26	574.34
Year 5 PV (M)	583.34	611.51	640.77
PV of Terminal Value (M)	16,222.32	17,005.87	17,819.40
Equity Value (M)	18,619.82	19,477.51	20,367.20
Shares Outstanding (M)	5,270.37	5,270.37	5,270.37
Fair Value	$3.53	$3.70	$3.86
Upside / Downside	147.06%	158.44%	170.24%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Mapletree Pan Asia Commercial Trust (N2IU.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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