DDM Analysis: EWG2.SG

Valuation Snapshot

Stable Growth	$7.06 - $10.00	$8.51
Multi-Stage	$11.51 - $12.58	$12.04
Blended Fair Value	$10.27
Current Price	$57.80
Upside	-82.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-5.32%	-9.94%	1.14	2.71	0.81	0.77	0.89	1.50	1.95	1.44	1.62	2.34
YoY Growth	-	-	-57.96%	232.51%	6.49%	-14.35%	-40.33%	-23.08%	35.45%	-11.05%	-30.94%	-27.87%
Dividend Yield	-	-	1.93%	4.72%	1.70%	1.59%	2.01%	3.36%	4.37%	3.23%	3.63%	5.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.58
(-) Cash Dividends Paid (M)	4.28
(=) Cash Retained (M)	1.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.12	0.70	0.42
Cash Retained (M)	1.30	1.30	1.30
(-) Cash Required (M)	-1.12	-0.70	-0.42
(=) Excess Retained (M)	0.18	0.60	0.88
(/) Shares Outstanding (M)	5.17	5.17	5.17
(=) Excess Retained per Share	0.04	0.12	0.17
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	0.04	0.12	0.17
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.06	$8.51	$10.00
Upside / Downside	-87.79%	-85.28%	-82.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.58	5.53	5.47	5.42	5.36	5.31	5.47
Payout Ratio	76.69%	79.35%	82.01%	84.68%	87.34%	90.00%	92.50%
Projected Dividends (M)	4.28	4.39	4.49	4.59	4.68	4.78	5.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.95	3.99	4.03
Year 2 PV (M)	3.64	3.71	3.79
Year 3 PV (M)	3.34	3.45	3.55
Year 4 PV (M)	3.07	3.20	3.33
Year 5 PV (M)	2.82	2.97	3.12
PV of Terminal Value (M)	42.71	44.93	47.25
Equity Value (M)	59.53	62.25	65.07
Shares Outstanding (M)	5.17	5.17	5.17
Fair Value	$11.51	$12.04	$12.58
Upside / Downside	-80.08%	-79.17%	-78.23%

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EUWAX Gold II (EWG2.SG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener