DDM Analysis: 9521.SR

Valuation Snapshot

Stable Growth	$43.86 - $71.56	$56.25
Multi-Stage	$131.53 - $145.13	$138.20
Blended Fair Value	$97.22
Current Price	$21.88
Upside	344.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	-5.59%	0.00%	0.50	0.25	0.00	0.00	0.00	0.66	0.00	0.00	0.00	0.00
YoY Growth	-	-	100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.19%	1.34%	0.00%	0.00%	0.00%	3.40%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162.60
(-) Cash Dividends Paid (M)	40.00
(=) Cash Retained (M)	122.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.52	20.32	12.19
Cash Retained (M)	122.60	122.60	122.60
(-) Cash Required (M)	-32.52	-20.32	-12.19
(=) Excess Retained (M)	90.08	102.27	110.40
(/) Shares Outstanding (M)	40.24	40.24	40.24
(=) Excess Retained per Share	2.24	2.54	2.74
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	2.24	2.54	2.74
(=) Adjusted Dividend	3.23	3.54	3.74
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$43.86	$56.25	$71.56
Upside / Downside	100.44%	157.06%	227.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162.60	160.97	159.36	157.77	156.19	154.63	159.27
Payout Ratio	24.60%	37.68%	50.76%	63.84%	76.92%	90.00%	92.50%
Projected Dividends (M)	40.00	60.66	80.89	100.72	120.14	139.17	147.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	57.06	57.64	58.23
Year 2 PV (M)	71.59	73.06	74.55
Year 3 PV (M)	83.86	86.45	89.10
Year 4 PV (M)	94.11	98.01	102.03
Year 5 PV (M)	102.55	107.89	113.45
PV of Terminal Value (M)	4,884.09	5,138.41	5,403.22
Equity Value (M)	5,293.26	5,561.47	5,840.58
Shares Outstanding (M)	40.24	40.24	40.24
Fair Value	$131.53	$138.20	$145.13
Upside / Downside	501.15%	531.61%	563.31%

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Inmar Company for Real Estate Development and Investment (9521.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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