DDM Analysis: QAL.AX

Valuation Snapshot

Stable Growth	$18.21 - $39.72	$37.22
Multi-Stage	$6.10 - $6.67	$6.38
Blended Fair Value	$21.80
Current Price	$3.45
Upside	531.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	34.14%	0.00%	0.08	0.08	0.06	0.00	0.02	0.02	0.01	0.02	0.00	0.00
YoY Growth	-	-	7.43%	29.92%	0.00%	-100.00%	-1.07%	35.86%	-36.30%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.39%	3.28%	2.20%	0.00%	0.72%	0.73%	0.54%	0.84%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.59
(-) Cash Dividends Paid (M)	39.39
(=) Cash Retained (M)	20.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.92	7.45	4.47
Cash Retained (M)	20.21	20.21	20.21
(-) Cash Required (M)	-11.92	-7.45	-4.47
(=) Excess Retained (M)	8.29	12.76	15.74
(/) Shares Outstanding (M)	298.36	298.36	298.36
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.21	$37.22	$39.72
Upside / Downside	427.96%	978.98%	1,051.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.59	63.46	67.59	71.98	76.66	81.64	84.09
Payout Ratio	66.09%	70.87%	75.66%	80.44%	85.22%	90.00%	92.50%
Projected Dividends (M)	39.39	44.98	51.14	57.90	65.33	73.48	77.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.87	42.26	42.66
Year 2 PV (M)	44.30	45.15	46.00
Year 3 PV (M)	46.69	48.03	49.40
Year 4 PV (M)	49.04	50.92	52.86
Year 5 PV (M)	51.34	53.82	56.39
PV of Terminal Value (M)	1,586.62	1,663.25	1,742.82
Equity Value (M)	1,819.86	1,903.44	1,990.13
Shares Outstanding (M)	298.36	298.36	298.36
Fair Value	$6.10	$6.38	$6.67
Upside / Downside	76.80%	84.92%	93.34%

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Qualitas Limited (QAL.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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