DDM Analysis: IMD.AX

Valuation Snapshot

Stable Growth	$27.45 - $32.34	$30.31
Multi-Stage	$19.42 - $21.31	$20.35
Blended Fair Value	$25.33
Current Price	$2.72
Upside	831.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.44%	0.00%	0.03	0.03	0.03	0.02	0.01	0.03	0.01	0.00	0.00	0.01
YoY Growth	-	-	-22.03%	21.37%	15.75%	94.11%	-60.53%	467.28%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.98%	1.53%	1.49%	1.33%	0.62%	2.91%	0.45%	0.00%	0.00%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.59
(-) Cash Dividends Paid (M)	32.71
(=) Cash Retained (M)	54.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.52	10.95	6.57
Cash Retained (M)	54.88	54.88	54.88
(-) Cash Required (M)	-17.52	-10.95	-6.57
(=) Excess Retained (M)	37.36	43.93	48.31
(/) Shares Outstanding (M)	538.63	538.63	538.63
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.45	$30.31	$32.34
Upside / Downside	909.16%	1,014.23%	1,088.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.59	93.28	99.35	105.80	112.68	120.00	123.60
Payout Ratio	37.34%	47.88%	58.41%	68.94%	79.47%	90.00%	92.50%
Projected Dividends (M)	32.71	44.66	58.02	72.94	89.55	108.00	114.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.58	43.99	44.41
Year 2 PV (M)	55.26	56.31	57.37
Year 3 PV (M)	67.78	69.73	71.71
Year 4 PV (M)	81.20	84.33	87.54
Year 5 PV (M)	95.58	100.19	104.99
PV of Terminal Value (M)	10,117.96	10,606.66	11,114.07
Equity Value (M)	10,461.36	10,961.22	11,480.08
Shares Outstanding (M)	538.63	538.63	538.63
Fair Value	$19.42	$20.35	$21.31
Upside / Downside	614.05%	648.17%	683.58%

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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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Imdex Limited (IMD.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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