DDM Analysis: MYG.AX

Valuation Snapshot

Stable Growth	$0.98 - $1.43	$1.19
Multi-Stage	$1.73 - $1.90	$1.81
Blended Fair Value	$1.50
Current Price	$1.05
Upside	43.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	21.01%	0.00%	0.03	0.02	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	53.14%	181.62%	0.00%	-100.00%	-97.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	2.87%	1.67%	0.00%	0.06%	0.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.86
(-) Cash Dividends Paid (M)	4.58
(=) Cash Retained (M)	7.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.37	1.48	0.89
Cash Retained (M)	7.28	7.28	7.28
(-) Cash Required (M)	-2.37	-1.48	-0.89
(=) Excess Retained (M)	4.90	5.79	6.39
(/) Shares Outstanding (M)	92.95	92.95	92.95
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.98	$1.19	$1.43
Upside / Downside	-7.06%	13.79%	36.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.86	11.74	11.63	11.51	11.39	11.28	11.62
Payout Ratio	38.65%	48.92%	59.19%	69.46%	79.73%	90.00%	92.50%
Projected Dividends (M)	4.58	5.75	6.88	7.99	9.08	10.15	10.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.25	5.31	5.36
Year 2 PV (M)	5.75	5.87	5.99
Year 3 PV (M)	6.11	6.30	6.50
Year 4 PV (M)	6.35	6.62	6.89
Year 5 PV (M)	6.49	6.83	7.18
PV of Terminal Value (M)	130.84	137.66	144.75
Equity Value (M)	160.81	168.58	176.67
Shares Outstanding (M)	92.95	92.95	92.95
Fair Value	$1.73	$1.81	$1.90
Upside / Downside	64.76%	72.73%	81.01%

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Mayfield Group Holdings Limited (MYG.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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