DDM Analysis: QAN.AX

Valuation Snapshot

Stable Growth	$30.47 - $61.73	$42.55
Multi-Stage	$36.85 - $40.45	$38.61
Blended Fair Value	$40.58
Current Price	$10.74
Upside	277.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.15%	51.21%	0.16	0.00	0.00	0.00	0.00	0.13	0.23	0.15	0.16	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-100.00%	-43.80%	45.78%	-5.68%	0.00%	-100.00%
Dividend Yield	-	-	1.45%	0.00%	0.00%	0.01%	0.00%	3.36%	4.18%	2.52%	2.87%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,860.00
(-) Cash Dividends Paid (M)	250.00
(=) Cash Retained (M)	2,610.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	572.00	357.50	214.50
Cash Retained (M)	2,610.00	2,610.00	2,610.00
(-) Cash Required (M)	-572.00	-357.50	-214.50
(=) Excess Retained (M)	2,038.00	2,252.50	2,395.50
(/) Shares Outstanding (M)	1,607.00	1,607.00	1,607.00
(=) Excess Retained per Share	1.27	1.40	1.49
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	1.27	1.40	1.49
(=) Adjusted Dividend	1.42	1.56	1.65
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	2.37%	3.37%	4.37%
Fair Value	$30.47	$42.55	$61.73
Upside / Downside	183.72%	296.18%	474.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,860.00	2,956.39	3,056.03	3,159.03	3,265.50	3,375.55	3,476.82
Payout Ratio	8.74%	24.99%	41.24%	57.50%	73.75%	90.00%	92.50%
Projected Dividends (M)	250.00	738.89	1,260.45	1,816.33	2,408.25	3,038.00	3,216.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	2.37%	3.37%	4.37%
Year 1 PV (M)	682.89	689.56	696.23
Year 2 PV (M)	1,076.64	1,097.78	1,119.12
Year 3 PV (M)	1,433.87	1,476.30	1,519.56
Year 4 PV (M)	1,757.07	1,826.73	1,898.45
Year 5 PV (M)	2,048.55	2,150.58	2,256.63
PV of Terminal Value (M)	52,211.59	54,812.04	57,515.08
Equity Value (M)	59,210.61	62,052.99	65,005.08
Shares Outstanding (M)	1,607.00	1,607.00	1,607.00
Fair Value	$36.85	$38.61	$40.45
Upside / Downside	243.07%	259.54%	276.64%

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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%
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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%
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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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Qantas Airways Limited (QAN.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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