DDM Analysis: DAC

Valuation Snapshot

Stable Growth	$931.24 - $4,912.28	$1,858.86
Multi-Stage	$679.51 - $745.07	$711.68
Blended Fair Value	$1,285.27
Current Price	$89.81
Upside	1,331.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	3.36	3.25	3.29	1.65	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	3.48%	-1.28%	99.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.31%	4.48%	6.02%	1.61%	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)	467.13
(-) Cash Dividends Paid (M)	65.49
(=) Cash Retained (M)	401.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.43	58.39	35.03
Cash Retained (M)	401.64	401.64	401.64
(-) Cash Required (M)	-93.43	-58.39	-35.03
(=) Excess Retained (M)	308.21	343.25	366.60
(/) Shares Outstanding (M)	18.70	18.70	18.70
(=) Excess Retained per Share	16.49	18.36	19.61
LTM Dividend per Share	3.50	3.50	3.50
(+) Excess Retained per Share	16.49	18.36	19.61
(=) Adjusted Dividend	19.99	21.86	23.11
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	4.27%	5.27%	6.27%
Fair Value	$931.24	$1,858.86	$4,912.28
Upside / Downside	936.91%	1,969.76%	5,369.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	467.13	491.74	517.65	544.93	573.64	603.87	621.98
Payout Ratio	14.02%	29.22%	44.41%	59.61%	74.80%	90.00%	92.50%
Projected Dividends (M)	65.49	143.67	229.90	324.82	429.11	543.48	575.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	4.27%	5.27%	6.27%
Year 1 PV (M)	133.61	134.89	136.17
Year 2 PV (M)	198.83	202.66	206.53
Year 3 PV (M)	261.26	268.85	276.58
Year 4 PV (M)	320.97	333.46	346.31
Year 5 PV (M)	378.06	396.54	415.74
PV of Terminal Value (M)	11,410.87	11,968.65	12,548.03
Equity Value (M)	12,703.59	13,305.05	13,929.36
Shares Outstanding (M)	18.70	18.70	18.70
Fair Value	$679.51	$711.68	$745.07
Upside / Downside	656.61%	692.43%	729.61%

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Danaos Corporation (DAC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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