DDM Analysis: U13.SI

Valuation Snapshot

Stable Growth	$1.99 - $2.72	$2.36
Multi-Stage	$5.43 - $6.00	$5.71
Blended Fair Value	$4.04
Current Price	$7.90
Upside	-48.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.32%	3.42%	0.21	0.21	0.25	0.21	0.17	0.17	0.23	0.15	0.15	0.15
YoY Growth	-	-	0.00%	-16.00%	19.05%	23.53%	0.00%	-24.45%	49.99%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.68%	3.50%	3.91%	3.05%	2.36%	2.62%	3.13%	1.96%	2.83%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.25
(-) Cash Dividends Paid (M)	11.62
(=) Cash Retained (M)	12.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.85	3.03	1.82
Cash Retained (M)	12.63	12.63	12.63
(-) Cash Required (M)	-4.85	-3.03	-1.82
(=) Excess Retained (M)	7.78	9.60	10.81
(/) Shares Outstanding (M)	61.16	61.16	61.16
(=) Excess Retained per Share	0.13	0.16	0.18
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.13	0.16	0.18
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	-7.71%	-6.71%	-5.71%
Fair Value	$1.99	$2.36	$2.72
Upside / Downside	-74.80%	-70.11%	-65.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.25	22.62	21.11	19.69	18.37	17.13	17.65
Payout Ratio	47.92%	56.33%	64.75%	73.17%	81.58%	90.00%	92.50%
Projected Dividends (M)	11.62	12.74	13.67	14.41	14.98	15.42	16.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	-7.71%	-6.71%	-5.71%
Year 1 PV (M)	11.78	11.91	12.04
Year 2 PV (M)	11.68	11.94	12.19
Year 3 PV (M)	11.39	11.76	12.14
Year 4 PV (M)	10.95	11.43	11.93
Year 5 PV (M)	10.42	11.00	11.60
PV of Terminal Value (M)	275.99	291.27	307.22
Equity Value (M)	332.21	349.31	367.12
Shares Outstanding (M)	61.16	61.16	61.16
Fair Value	$5.43	$5.71	$6.00
Upside / Downside	-31.24%	-27.70%	-24.01%

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United Overseas Insurance Limited (U13.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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