DDM Analysis: A2B.AX

Valuation Snapshot

Stable Growth	$2.59 - $3.60	$3.10
Multi-Stage	$5.66 - $6.26	$5.95
Blended Fair Value	$4.53
Current Price	$2.14
Upside	111.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-59.18%	-41.87%	0.00	0.00	0.00	0.08	0.08	0.14	0.20	0.20	0.20	0.26
YoY Growth	-	-	130.12%	23.88%	-99.31%	0.73%	-42.86%	-30.00%	0.00%	0.00%	-25.93%	-25.00%
Dividend Yield	-	-	0.10%	0.06%	0.04%	9.73%	4.40%	5.71%	7.74%	6.13%	5.35%	6.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.49
(-) Cash Dividends Paid (M)	6.06
(=) Cash Retained (M)	50.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.30	7.06	4.24
Cash Retained (M)	50.43	50.43	50.43
(-) Cash Required (M)	-11.30	-7.06	-4.24
(=) Excess Retained (M)	39.13	43.37	46.19
(/) Shares Outstanding (M)	123.08	123.08	123.08
(=) Excess Retained per Share	0.32	0.35	0.38
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.32	0.35	0.38
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-5.68%	-4.68%	-3.68%
Fair Value	$2.59	$3.10	$3.60
Upside / Downside	21.13%	44.72%	68.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.49	53.85	51.33	48.93	46.64	44.46	45.79
Payout Ratio	10.73%	26.59%	42.44%	58.29%	74.15%	90.00%	92.50%
Projected Dividends (M)	6.06	14.32	21.78	28.52	34.58	40.01	42.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-5.68%	-4.68%	-3.68%
Year 1 PV (M)	13.15	13.29	13.43
Year 2 PV (M)	18.39	18.79	19.18
Year 3 PV (M)	22.13	22.84	23.57
Year 4 PV (M)	24.66	25.72	26.81
Year 5 PV (M)	26.21	27.63	29.11
PV of Terminal Value (M)	592.39	624.46	657.91
Equity Value (M)	696.94	732.73	770.02
Shares Outstanding (M)	123.08	123.08	123.08
Fair Value	$5.66	$5.95	$6.26
Upside / Downside	164.61%	178.20%	192.35%

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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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A2B Australia Limited (A2B.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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