DDM Analysis: SNL.AX

Valuation Snapshot

Stable Growth	$138.93 - $340.37	$318.97
Multi-Stage	$50.58 - $55.30	$52.90
Blended Fair Value	$185.93
Current Price	$37.39
Upside	397.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	35.43%	8.79%	0.65	0.50	0.38	0.23	0.16	0.14	0.13	0.11	0.09	0.09
YoY Growth	-	-	30.80%	29.74%	67.47%	41.31%	13.43%	7.13%	27.27%	15.81%	5.53%	-69.40%
Dividend Yield	-	-	1.75%	2.32%	2.52%	2.43%	2.13%	3.43%	3.78%	2.48%	3.60%	4.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.05
(-) Cash Dividends Paid (M)	49.15
(=) Cash Retained (M)	23.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.61	9.13	5.48
Cash Retained (M)	23.90	23.90	23.90
(-) Cash Required (M)	-14.61	-9.13	-5.48
(=) Excess Retained (M)	9.29	14.77	18.42
(/) Shares Outstanding (M)	42.68	42.68	42.68
(=) Excess Retained per Share	0.22	0.35	0.43
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	0.22	0.35	0.43
(=) Adjusted Dividend	1.37	1.50	1.58
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$138.93	$318.97	$340.37
Upside / Downside	271.58%	753.09%	810.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.05	77.80	82.85	88.24	93.97	100.08	103.08
Payout Ratio	67.28%	71.82%	76.37%	80.91%	85.46%	90.00%	92.50%
Projected Dividends (M)	49.15	55.87	63.27	71.39	80.31	90.07	95.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51.95	52.45	52.94
Year 2 PV (M)	54.70	55.74	56.79
Year 3 PV (M)	57.39	59.04	60.72
Year 4 PV (M)	60.02	62.33	64.70
Year 5 PV (M)	62.60	65.62	68.76
PV of Terminal Value (M)	1,872.10	1,962.53	2,056.41
Equity Value (M)	2,158.77	2,257.70	2,360.32
Shares Outstanding (M)	42.68	42.68	42.68
Fair Value	$50.58	$52.90	$55.30
Upside / Downside	35.27%	41.47%	47.90%

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Supply Network Limited (SNL.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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