DDM Analysis: 4339.SR

Valuation Snapshot

Stable Growth	$5.53 - $8.54	$6.93
Multi-Stage	$12.85 - $14.12	$13.48
Blended Fair Value	$10.20
Current Price	$5.57
Upside	83.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	-18.04%	0.00%	0.28	0.35	0.70	0.74	0.67	0.75	0.62	0.00	0.00	0.00
YoY Growth	-	-	-21.38%	-49.73%	-5.91%	11.39%	-10.70%	20.83%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.68%	4.27%	6.86%	5.86%	5.96%	7.12%	7.39%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.33
(-) Cash Dividends Paid (M)	53.15
(=) Cash Retained (M)	11.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.87	8.04	4.82
Cash Retained (M)	11.17	11.17	11.17
(-) Cash Required (M)	-12.87	-8.04	-4.82
(=) Excess Retained (M)	-1.69	3.13	6.35
(/) Shares Outstanding (M)	107.51	107.51	107.51
(=) Excess Retained per Share	-0.02	0.03	0.06
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	-0.02	0.03	0.06
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.53	$6.93	$8.54
Upside / Downside	-0.69%	24.39%	53.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.33	63.68	63.05	62.42	61.79	61.18	63.01
Payout Ratio	82.63%	84.10%	85.58%	87.05%	88.53%	90.00%	92.50%
Projected Dividends (M)	53.15	53.56	53.96	54.34	54.70	55.06	58.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	49.79	50.30	50.81
Year 2 PV (M)	46.63	47.59	48.55
Year 3 PV (M)	43.66	45.01	46.38
Year 4 PV (M)	40.86	42.55	44.30
Year 5 PV (M)	38.23	40.22	42.29
PV of Terminal Value (M)	1,162.60	1,223.14	1,286.18
Equity Value (M)	1,381.77	1,448.81	1,518.52
Shares Outstanding (M)	107.51	107.51	107.51
Fair Value	$12.85	$13.48	$14.12
Upside / Downside	130.75%	141.95%	153.59%

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Financial Statements

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Derayah Financial - Derayah Reit Fund (4339.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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