DDM Analysis: MRB.WA

Valuation Snapshot

Stable Growth	$32.72 - $190.02	$60.07
Multi-Stage	$19.05 - $20.85	$19.93
Blended Fair Value	$40.00
Current Price	$13.84
Upside	189.02%
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%	0.17	0.23	0.17	0.07	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-25.48%	40.90%	149.99%	300.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.33%	2.19%	2.29%	1.63%	0.40%	0.00%	0.23%	0.00%	0.00%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.09
(-) Cash Dividends Paid (M)	11.01
(=) Cash Retained (M)	96.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.42	13.39	8.03
Cash Retained (M)	96.08	96.08	96.08
(-) Cash Required (M)	-21.42	-13.39	-8.03
(=) Excess Retained (M)	74.66	82.69	88.04
(/) Shares Outstanding (M)	110.09	110.09	110.09
(=) Excess Retained per Share	0.68	0.75	0.80
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.68	0.75	0.80
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.72	$60.07	$190.02
Upside / Downside	136.41%	334.01%	1,272.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.09	114.05	121.46	129.35	137.76	146.72	151.12
Payout Ratio	10.28%	26.22%	42.17%	58.11%	74.06%	90.00%	92.50%
Projected Dividends (M)	11.01	29.91	51.22	75.17	102.02	132.04	139.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.43	27.69	27.95
Year 2 PV (M)	43.08	43.90	44.73
Year 3 PV (M)	57.99	59.66	61.35
Year 4 PV (M)	72.19	74.96	77.82
Year 5 PV (M)	85.69	89.83	94.13
PV of Terminal Value (M)	1,811.00	1,898.48	1,989.30
Equity Value (M)	2,097.39	2,194.52	2,295.28
Shares Outstanding (M)	110.09	110.09	110.09
Fair Value	$19.05	$19.93	$20.85
Upside / Downside	37.65%	44.03%	50.64%

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Mirbud S.A. (MRB.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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