DDM Analysis: 6113.HK

Valuation Snapshot

Stable Growth	$0.65 - $1.02	$0.82
Multi-Stage	$0.86 - $0.94	$0.90
Blended Fair Value	$0.86
Current Price	$3.66
Upside	-76.51%
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	-8.82%	4.85%	0.05	0.04	0.06	0.05	0.02	0.09	0.00	0.03	0.03	0.04
YoY Growth	-	-	42.19%	-30.91%	3.93%	119.75%	-71.91%	0.00%	-100.00%	5.69%	-24.80%	20.41%
Dividend Yield	-	-	9.77%	6.58%	12.30%	7.81%	4.42%	14.84%	0.00%	4.63%	3.67%	5.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.01
(-) Cash Dividends Paid (M)	12.00
(=) Cash Retained (M)	14.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.20	3.25	1.95
Cash Retained (M)	14.01	14.01	14.01
(-) Cash Required (M)	-5.20	-3.25	-1.95
(=) Excess Retained (M)	8.81	10.76	12.06
(/) Shares Outstanding (M)	400.00	400.00	400.00
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	9.28%	9.28%	9.28%
Growth Rate	1.21%	2.21%	3.21%
Fair Value	$0.65	$0.82	$1.02
Upside / Downside	-82.17%	-77.52%	-72.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.01	26.59	27.17	27.77	28.39	29.01	29.88
Payout Ratio	46.13%	54.91%	63.68%	72.45%	81.23%	90.00%	92.50%
Projected Dividends (M)	12.00	14.60	17.30	20.12	23.06	26.11	27.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.28%	9.28%	9.28%
Growth Rate	1.21%	2.21%	3.21%
Year 1 PV (M)	13.23	13.36	13.49
Year 2 PV (M)	14.21	14.49	14.78
Year 3 PV (M)	14.97	15.42	15.88
Year 4 PV (M)	15.55	16.17	16.81
Year 5 PV (M)	15.95	16.76	17.59
PV of Terminal Value (M)	269.00	282.56	296.65
Equity Value (M)	342.91	358.75	375.20
Shares Outstanding (M)	400.00	400.00	400.00
Fair Value	$0.86	$0.90	$0.94
Upside / Downside	-76.58%	-75.49%	-74.37%

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BitStrat Holdings Limited (6113.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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