DDM Analysis: ESEA

Valuation Snapshot

Stable Growth	$1,451.87 - $3,446.22	$3,229.61
Multi-Stage	$499.22 - $546.83	$522.58
Blended Fair Value	$1,876.10
Current Price	$59.61
Upside	3,047.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	104.68%	2.41	2.00	1.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	20.43%	29.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	7.88%	6.80%	10.29%	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)	120.86
(-) Cash Dividends Paid (M)	18.31
(=) Cash Retained (M)	102.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.17	15.11	9.06
Cash Retained (M)	102.56	102.56	102.56
(-) Cash Required (M)	-24.17	-15.11	-9.06
(=) Excess Retained (M)	78.38	87.45	93.49
(/) Shares Outstanding (M)	6.97	6.97	6.97
(=) Excess Retained per Share	11.24	12.54	13.40
LTM Dividend per Share	2.62	2.62	2.62
(+) Excess Retained per Share	11.24	12.54	13.40
(=) Adjusted Dividend	13.86	15.16	16.03
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,451.87	$3,229.61	$3,446.22
Upside / Downside	2,335.62%	5,317.91%	5,681.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.86	128.72	137.09	146.00	155.49	165.59	170.56
Payout Ratio	15.15%	30.12%	45.09%	60.06%	75.03%	90.00%	92.50%
Projected Dividends (M)	18.31	38.77	61.81	87.68	116.66	149.04	157.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.06	36.40	36.74
Year 2 PV (M)	53.47	54.49	55.52
Year 3 PV (M)	70.55	72.57	74.64
Year 4 PV (M)	87.30	90.66	94.11
Year 5 PV (M)	103.73	108.74	113.94
PV of Terminal Value (M)	3,130.86	3,282.08	3,439.09
Equity Value (M)	3,481.97	3,644.94	3,814.04
Shares Outstanding (M)	6.97	6.97	6.97
Fair Value	$499.22	$522.58	$546.83
Upside / Downside	737.47%	776.67%	817.34%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Euroseas Ltd. (ESEA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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