DDM Analysis: PE1.AX

Valuation Snapshot

Stable Growth	$1.55 - $2.34	$1.92
Multi-Stage	$3.12 - $3.43	$3.27
Blended Fair Value	$2.60
Current Price	$1.15
Upside	125.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.06	0.06	0.04	0.02	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-1.89%	34.25%	124.50%	-27.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	4.58%	3.93%	3.13%	1.65%	2.05%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49.88
(-) Cash Dividends Paid (M)	16.22
(=) Cash Retained (M)	33.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.98	6.24	3.74
Cash Retained (M)	33.66	33.66	33.66
(-) Cash Required (M)	-9.98	-6.24	-3.74
(=) Excess Retained (M)	23.69	27.43	29.92
(/) Shares Outstanding (M)	276.69	276.69	276.69
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.55	$1.92	$2.34
Upside / Downside	34.66%	67.09%	103.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49.88	49.38	48.89	48.40	47.92	47.44	48.86
Payout Ratio	32.51%	44.01%	55.51%	67.01%	78.50%	90.00%	92.50%
Projected Dividends (M)	16.22	21.73	27.14	32.43	37.61	42.69	45.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.08	20.29	20.49
Year 2 PV (M)	23.17	23.65	24.13
Year 3 PV (M)	25.59	26.38	27.19
Year 4 PV (M)	27.42	28.56	29.73
Year 5 PV (M)	28.76	30.26	31.82
PV of Terminal Value (M)	737.77	776.19	816.19
Equity Value (M)	862.80	905.33	949.55
Shares Outstanding (M)	276.69	276.69	276.69
Fair Value	$3.12	$3.27	$3.43
Upside / Downside	171.16%	184.52%	198.42%

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MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
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BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
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Pengana Private Equity Trust (PE1.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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