DDM Analysis: GFGD

Valuation Snapshot

Stable Growth	$2.85 - $4.51	$3.61
Multi-Stage	$7.18 - $7.92	$7.54
Blended Fair Value	$5.58
Current Price	$10.44
Upside	-46.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022
DPS	0.00%	0.00%	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.57%	0.00%	0.00%	0.00%	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)	9.35
(-) Cash Dividends Paid (M)	3.96
(=) Cash Retained (M)	5.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.87	1.17	0.70
Cash Retained (M)	5.39	5.39	5.39
(-) Cash Required (M)	-1.87	-1.17	-0.70
(=) Excess Retained (M)	3.52	4.22	4.69
(/) Shares Outstanding (M)	32.43	32.43	32.43
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	5.92%	5.92%	5.92%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.85	$3.61	$4.51
Upside / Downside	-72.66%	-65.42%	-56.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.35	9.25	9.16	9.07	8.98	8.89	9.15
Payout Ratio	42.35%	51.88%	61.41%	70.94%	80.47%	90.00%	92.50%
Projected Dividends (M)	3.96	4.80	5.63	6.43	7.22	8.00	8.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.92%	5.92%	5.92%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.49	4.53	4.58
Year 2 PV (M)	4.91	5.01	5.12
Year 3 PV (M)	5.25	5.41	5.58
Year 4 PV (M)	5.51	5.74	5.98
Year 5 PV (M)	5.70	6.00	6.31
PV of Terminal Value (M)	207.07	217.86	229.08
Equity Value (M)	232.94	244.56	256.65
Shares Outstanding (M)	32.43	32.43	32.43
Fair Value	$7.18	$7.54	$7.92
Upside / Downside	-31.19%	-27.76%	-24.19%

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The Growth for Good Acquisition Corporation (GFGD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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