DDM Analysis: MCKPA.NZ

Valuation Snapshot

Stable Growth	$0.81 - $1.12	$0.97
Multi-Stage	$2.62 - $2.90	$2.75
Blended Fair Value	$1.86
Current Price	$1.70
Upside	9.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.74%	-5.94%	0.03	0.03	0.04	0.02	0.07	0.07	0.09	0.07	0.05	0.04
YoY Growth	-	-	0.00%	-14.28%	41.49%	-67.02%	0.00%	-13.54%	18.59%	60.38%	9.05%	-24.46%
Dividend Yield	-	-	1.76%	1.38%	1.59%	1.06%	3.38%	2.34%	2.60%	2.66%	1.90%	2.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.84
(-) Cash Dividends Paid (M)	14.24
(=) Cash Retained (M)	10.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.97	3.10	1.86
Cash Retained (M)	10.60	10.60	10.60
(-) Cash Required (M)	-4.97	-3.10	-1.86
(=) Excess Retained (M)	5.63	7.49	8.73
(/) Shares Outstanding (M)	158.22	158.22	158.22
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-7.94%	-6.94%	-5.94%
Fair Value	$0.81	$0.97	$1.12
Upside / Downside	-52.17%	-43.11%	-34.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.84	23.11	21.51	20.01	18.63	17.33	17.85
Payout Ratio	57.34%	63.87%	70.40%	76.94%	83.47%	90.00%	92.50%
Projected Dividends (M)	14.24	14.76	15.14	15.40	15.55	15.60	16.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-7.94%	-6.94%	-5.94%
Year 1 PV (M)	13.74	13.89	14.04
Year 2 PV (M)	13.12	13.41	13.70
Year 3 PV (M)	12.42	12.83	13.25
Year 4 PV (M)	11.67	12.19	12.72
Year 5 PV (M)	10.90	11.51	12.14
PV of Terminal Value (M)	352.45	372.01	392.44
Equity Value (M)	414.30	435.83	458.28
Shares Outstanding (M)	158.22	158.22	158.22
Fair Value	$2.62	$2.75	$2.90
Upside / Downside	54.03%	62.04%	70.38%

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Millennium & Copthorne Hotels New Zealand Limited (MCKPA.NZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener