DDM Analysis: AHRN

Valuation Snapshot

Stable Growth	$5.55 - $8.61	$6.97
Multi-Stage	$12.43 - $13.70	$13.05
Blended Fair Value	$10.01
Current Price	$10.41
Upside	-3.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021
DPS	0.00%	0.00%	0.03	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	-	-	0.26%	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)	22.24
(-) Cash Dividends Paid (M)	2.40
(=) Cash Retained (M)	19.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.45	2.78	1.67
Cash Retained (M)	19.84	19.84	19.84
(-) Cash Required (M)	-4.45	-2.78	-1.67
(=) Excess Retained (M)	15.39	17.06	18.17
(/) Shares Outstanding (M)	37.50	37.50	37.50
(=) Excess Retained per Share	0.41	0.45	0.48
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.41	0.45	0.48
(=) Adjusted Dividend	0.47	0.52	0.55
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.55	$6.97	$8.61
Upside / Downside	-46.65%	-33.05%	-17.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.24	22.02	21.80	21.58	21.36	21.15	21.78
Payout Ratio	10.79%	26.64%	42.48%	58.32%	74.16%	90.00%	92.50%
Projected Dividends (M)	2.40	5.86	9.26	12.58	15.84	19.03	20.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.46	5.51	5.57
Year 2 PV (M)	8.02	8.18	8.35
Year 3 PV (M)	10.14	10.46	10.78
Year 4 PV (M)	11.88	12.37	12.88
Year 5 PV (M)	13.29	13.98	14.70
PV of Terminal Value (M)	417.19	438.92	461.54
Equity Value (M)	465.98	489.42	513.81
Shares Outstanding (M)	37.50	37.50	37.50
Fair Value	$12.43	$13.05	$13.70
Upside / Downside	19.37%	25.37%	31.62%

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Ahren Acquisition Corp. (AHRN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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