DDM Analysis: AAMI

Valuation Snapshot

Stable Growth	$13.00 - $18.05	$15.53
Multi-Stage	$92.75 - $103.27	$97.90
Blended Fair Value	$56.71
Current Price	$48.16
Upside	17.76%
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	-47.04%	0.00%	0.04	0.05	0.03	0.08	0.30	0.98	1.16	1.06	1.05	1.06
YoY Growth	-	-	-25.00%	66.67%	-58.62%	-73.39%	-69.72%	-15.29%	9.54%	0.78%	-0.52%	0.00%
Dividend Yield	-	-	0.16%	0.24%	0.14%	0.33%	1.46%	15.36%	8.39%	7.02%	6.94%	7.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.80
(-) Cash Dividends Paid (M)	1.40
(=) Cash Retained (M)	86.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.56	10.98	6.59
Cash Retained (M)	86.40	86.40	86.40
(-) Cash Required (M)	-17.56	-10.98	-6.59
(=) Excess Retained (M)	68.84	75.43	79.82
(/) Shares Outstanding (M)	36.67	36.67	36.67
(=) Excess Retained per Share	1.88	2.06	2.18
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	1.88	2.06	2.18
(=) Adjusted Dividend	1.92	2.10	2.21
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	-9.10%	-8.10%	-7.10%
Fair Value	$13.00	$15.53	$18.05
Upside / Downside	-73.01%	-67.75%	-62.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.80	80.69	74.15	68.14	62.62	57.54	59.27
Payout Ratio	1.59%	19.28%	36.96%	54.64%	72.32%	90.00%	92.50%
Projected Dividends (M)	1.40	15.55	27.40	37.23	45.28	51.79	54.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	-9.10%	-8.10%	-7.10%
Year 1 PV (M)	14.75	14.91	15.07
Year 2 PV (M)	24.65	25.19	25.74
Year 3 PV (M)	31.76	32.82	33.90
Year 4 PV (M)	36.64	38.28	39.97
Year 5 PV (M)	39.74	41.97	44.31
PV of Terminal Value (M)	3,253.79	3,436.75	3,627.85
Equity Value (M)	3,401.32	3,589.93	3,786.85
Shares Outstanding (M)	36.67	36.67	36.67
Fair Value	$92.75	$97.90	$103.27
Upside / Downside	92.60%	103.28%	114.43%

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605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
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4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
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0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
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6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
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Financial Statements

Fundamentals

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Miscellaneous

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Sector

Acadian Asset Management (AAMI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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