DDM Analysis: EVANS.BO

Valuation Snapshot

Stable Growth	$338.70 - $660.18	$466.16
Multi-Stage	$253.89 - $277.25	$265.36
Blended Fair Value	$365.76
Current Price	$165.00
Upside	121.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.21%	0.00%	1.71	1.14	0.57	0.34	0.57	1.10	0.00	0.03	0.25	0.10
YoY Growth	-	-	50.00%	100.00%	69.03%	-40.84%	-48.21%	0.00%	-100.00%	-89.40%	150.73%	0.00%
Dividend Yield	-	-	1.27%	1.07%	1.10%	1.39%	0.80%	2.21%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.44
(-) Cash Dividends Paid (M)	13.72
(=) Cash Retained (M)	83.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.49	12.18	7.31
Cash Retained (M)	83.72	83.72	83.72
(-) Cash Required (M)	-19.49	-12.18	-7.31
(=) Excess Retained (M)	64.23	71.54	76.41
(/) Shares Outstanding (M)	4.80	4.80	4.80
(=) Excess Retained per Share	13.38	14.90	15.91
LTM Dividend per Share	2.86	2.86	2.86
(+) Excess Retained per Share	13.38	14.90	15.91
(=) Adjusted Dividend	16.23	17.76	18.77
WACC / Discount Rate	10.56%	10.56%	10.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$338.70	$466.16	$660.18
Upside / Downside	105.27%	182.52%	300.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.44	103.77	110.52	117.70	125.35	133.50	137.51
Payout Ratio	14.08%	29.26%	44.45%	59.63%	74.82%	90.00%	92.50%
Projected Dividends (M)	13.72	30.37	49.12	70.19	93.78	120.15	127.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.56%	10.56%	10.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.21	27.47	27.73
Year 2 PV (M)	39.44	40.19	40.95
Year 3 PV (M)	50.49	51.94	53.42
Year 4 PV (M)	60.45	62.78	65.17
Year 5 PV (M)	69.39	72.75	76.23
PV of Terminal Value (M)	972.18	1,019.14	1,067.89
Equity Value (M)	1,219.17	1,274.26	1,331.38
Shares Outstanding (M)	4.80	4.80	4.80
Fair Value	$253.89	$265.36	$277.25
Upside / Downside	53.87%	60.82%	68.03%

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Evans Electric Ltd. (EVANS.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener