DDM Analysis: SSL.AX

Valuation Snapshot

Stable Growth	$2.97 - $4.21	$3.58
Multi-Stage	$4.29 - $4.72	$4.50
Blended Fair Value	$4.04
Current Price	$8.59
Upside	-52.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-96.49%
Dividend Yield	-	-	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.68
(-) Cash Dividends Paid (M)	0.02
(=) Cash Retained (M)	3.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.74	0.46	0.28
Cash Retained (M)	3.66	3.66	3.66
(-) Cash Required (M)	-0.74	-0.46	-0.28
(=) Excess Retained (M)	2.93	3.20	3.39
(/) Shares Outstanding (M)	8.08	8.08	8.08
(=) Excess Retained per Share	0.36	0.40	0.42
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.36	0.40	0.42
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.97	$3.58	$4.21
Upside / Downside	-65.41%	-58.31%	-51.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.68	3.64	3.60	3.57	3.53	3.50	3.60
Payout Ratio	0.41%	18.33%	36.24%	54.16%	72.08%	90.00%	92.50%
Projected Dividends (M)	0.02	0.67	1.31	1.93	2.55	3.15	3.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.60	0.61	0.61
Year 2 PV (M)	1.06	1.08	1.10
Year 3 PV (M)	1.41	1.45	1.50
Year 4 PV (M)	1.67	1.74	1.81
Year 5 PV (M)	1.86	1.95	2.05
PV of Terminal Value (M)	28.08	29.54	31.06
Equity Value (M)	34.67	36.37	38.14
Shares Outstanding (M)	8.08	8.08	8.08
Fair Value	$4.29	$4.50	$4.72
Upside / Downside	-50.06%	-47.62%	-45.07%

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Sietel Limited (SSL.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener