DDM Analysis: OSW

Valuation Snapshot

Stable Growth	$14.89 - $35.10	$21.93
Multi-Stage	$10.55 - $11.52	$11.03
Blended Fair Value	$16.48
Current Price	$21.14
Upside	-22.06%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.34%	0.00%	0.08	0.00	0.00	0.00	0.02	0.04	0.15	0.58	0.67	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-42.63%	-72.84%	-74.23%	-13.44%	0.00%	0.00%
Dividend Yield	-	-	0.47%	0.00%	0.00%	0.00%	0.22%	1.00%	1.11%	6.06%	6.93%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.94
(-) Cash Dividends Paid (M)	16.56
(=) Cash Retained (M)	57.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.79	9.24	5.55
Cash Retained (M)	57.38	57.38	57.38
(-) Cash Required (M)	-14.79	-9.24	-5.55
(=) Excess Retained (M)	42.59	48.14	51.84
(/) Shares Outstanding (M)	104.75	104.75	104.75
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.89	$21.93	$35.10
Upside / Downside	-29.54%	3.73%	66.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.94	78.75	83.87	89.32	95.13	101.31	104.35
Payout Ratio	22.40%	35.92%	49.44%	62.96%	76.48%	90.00%	92.50%
Projected Dividends (M)	16.56	28.29	41.46	56.24	72.75	91.18	96.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.59	25.83	26.07
Year 2 PV (M)	33.94	34.58	35.23
Year 3 PV (M)	41.64	42.83	44.05
Year 4 PV (M)	48.73	50.60	52.53
Year 5 PV (M)	55.25	57.92	60.69
PV of Terminal Value (M)	899.83	943.30	988.42
Equity Value (M)	1,104.98	1,155.07	1,207.00
Shares Outstanding (M)	104.75	104.75	104.75
Fair Value	$10.55	$11.03	$11.52
Upside / Downside	-50.10%	-47.84%	-45.49%

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OneSpaWorld Holdings Limited (OSW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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