DDM Analysis: TWR.AX

Valuation Snapshot

Stable Growth	$18.03 - $68.53	$52.37
Multi-Stage	$8.64 - $9.46	$9.04
Blended Fair Value	$30.71
Current Price	$1.73
Upside	1,674.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	5.67%	0.14	0.03	0.04	0.05	0.03	0.00	0.00	0.00	0.00	0.07
YoY Growth	-	-	358.14%	-25.18%	-24.03%	90.00%	0.00%	0.00%	0.00%	-100.00%	-98.09%	-10.05%
Dividend Yield	-	-	8.13%	2.29%	6.60%	9.01%	4.28%	0.00%	0.00%	0.00%	0.21%	9.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.90
(-) Cash Dividends Paid (M)	24.68
(=) Cash Retained (M)	103.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.58	15.99	9.59
Cash Retained (M)	103.22	103.22	103.22
(-) Cash Required (M)	-25.58	-15.99	-9.59
(=) Excess Retained (M)	77.64	87.23	93.62
(/) Shares Outstanding (M)	370.73	370.73	370.73
(=) Excess Retained per Share	0.21	0.24	0.25
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.21	0.24	0.25
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.38%	6.38%	7.38%
Fair Value	$18.03	$52.37	$68.53
Upside / Downside	942.16%	2,927.20%	3,861.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.90	136.06	144.74	153.98	163.80	174.26	179.48
Payout Ratio	19.30%	33.44%	47.58%	61.72%	75.86%	90.00%	92.50%
Projected Dividends (M)	24.68	45.50	68.87	95.03	124.26	156.83	166.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.38%	6.38%	7.38%
Year 1 PV (M)	42.12	42.52	42.92
Year 2 PV (M)	59.03	60.16	61.29
Year 3 PV (M)	75.42	77.59	79.80
Year 4 PV (M)	91.30	94.82	98.43
Year 5 PV (M)	106.69	111.85	117.20
PV of Terminal Value (M)	2,827.54	2,964.27	3,106.24
Equity Value (M)	3,202.11	3,351.21	3,505.89
Shares Outstanding (M)	370.73	370.73	370.73
Fair Value	$8.64	$9.04	$9.46
Upside / Downside	399.27%	422.52%	446.63%

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Tower Limited (TWR.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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