DDM Analysis: ATRUST.AT

Valuation Snapshot

Stable Growth	$10.28 - $17.46	$13.41
Multi-Stage	$16.89 - $18.51	$17.68
Blended Fair Value	$15.55
Current Price	$8.38
Upside	85.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.43%	-10.49%	0.53	0.21	0.34	0.64	0.67	0.10	0.15	0.00	0.15	0.20
YoY Growth	-	-	149.11%	-36.38%	-47.29%	-4.81%	586.60%	-35.05%	0.00%	-100.00%	-24.99%	-87.56%
Dividend Yield	-	-	6.19%	2.93%	6.40%	12.62%	12.40%	1.25%	0.21%	0.00%	0.06%	10.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.58
(-) Cash Dividends Paid (M)	1.72
(=) Cash Retained (M)	0.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.52	0.32	0.19
Cash Retained (M)	0.86	0.86	0.86
(-) Cash Required (M)	-0.52	-0.32	-0.19
(=) Excess Retained (M)	0.34	0.54	0.66
(/) Shares Outstanding (M)	3.08	3.08	3.08
(=) Excess Retained per Share	0.11	0.17	0.22
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.11	0.17	0.22
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.58%	1.58%	2.58%
Fair Value	$10.28	$13.41	$17.46
Upside / Downside	22.72%	59.97%	108.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.58	2.62	2.66	2.71	2.75	2.79	2.88
Payout Ratio	66.75%	71.40%	76.05%	80.70%	85.35%	90.00%	92.50%
Projected Dividends (M)	1.72	1.87	2.03	2.18	2.35	2.51	2.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.58%	1.58%	2.58%
Year 1 PV (M)	1.73	1.75	1.76
Year 2 PV (M)	1.73	1.76	1.80
Year 3 PV (M)	1.72	1.78	1.83
Year 4 PV (M)	1.71	1.78	1.85
Year 5 PV (M)	1.69	1.78	1.87
PV of Terminal Value (M)	43.47	45.67	47.96
Equity Value (M)	52.06	54.52	57.08
Shares Outstanding (M)	3.08	3.08	3.08
Fair Value	$16.89	$17.68	$18.51
Upside / Downside	101.50%	111.03%	120.94%

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601808.SS	China Oilfield Services Limited	2.55%	$0.36	43.75%
7606.T	United Arrows Ltd.	2.55%	$62.63	43.42%
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JUNGH.SW	Jungheinrich AG	2.55%	$0.79	22.62%
RENT3.SA	Localiza Rent a Car S.A.	2.55%	$1.11	66.67%
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1527.HK	Zhejiang Tengy Environmental Technology Co., Ltd	2.54%	$0.05	4.95%
5212.KL	Pavilion Real Estate Investment Trust	2.54%	$0.05	39.63%
5489.TWO	DynaColor, Inc.	2.54%	$1.02	50.42%
600273.SS	Zhejiang Jiahua Energy Chemical Industry Co.,Ltd.	2.54%	$0.22	28.18%
600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
2367.HK	Giant Biogene Holding Co., Ltd.	2.53%	$0.87	22.55%
2701.TW	Wan Hwa Enterprise Company Ltd.	2.53%	$0.28	52.89%
600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
603697.SS	YouYou Foods Co., Ltd.	2.53%	$0.31	63.16%
CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
SCHO.CO	Aktieselskabet Schouw & Co.	2.53%	$16.81	42.51%
003006.SZ	Chongqing Baiya Sanitary Products Co., Ltd.	2.52%	$0.55	80.44%
5191.T	Sumitomo Riko Company Limited	2.52%	$66.01	23.54%
600406.SS	NARI Technology Co., Ltd.	2.52%	$0.57	56.63%
600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
603811.SS	Zhejiang Cheng Yi Pharmaceutical Co., Ltd.	2.52%	$0.26	37.15%
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000019.SZ	Shenzhen Cereals Holdings Co., Ltd.	2.51%	$0.17	62.11%
094820.KQ	Iljin Power Co., Ltd.	2.51%	$320.01	48.44%
0QVR.L	Scandi Standard AB (publ)	2.51%	$2.49	52.58%
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HOVE.CO	Hove A/S	2.51%	$0.14	34.71%
NOLA-B.ST	Nolato AB (publ)	2.51%	$1.50	51.20%
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138490.KS	Kolon Plastics, Inc.	2.50%	$200.40	17.45%
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Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. (ATRUST.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener