DDM Analysis: AW-UN.TO

Valuation Snapshot

Stable Growth	$66.78 - $389.34	$123.79
Multi-Stage	$53.29 - $58.25	$55.72
Blended Fair Value	$89.76
Current Price	$28.52
Upside	214.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	8.19%	6.27%	1.92	1.87	1.63	1.38	1.53	1.30	1.24	1.17	1.08	1.06
YoY Growth	-	-	2.68%	15.02%	17.96%	-10.17%	18.44%	4.59%	6.00%	8.24%	2.00%	1.22%
Dividend Yield	-	-	6.40%	5.03%	3.76%	3.85%	6.36%	3.33%	3.96%	2.93%	3.72%	3.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.87
(-) Cash Dividends Paid (M)	29.61
(=) Cash Retained (M)	2.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.37	3.98	2.39
Cash Retained (M)	2.26	2.26	2.26
(-) Cash Required (M)	-6.37	-3.98	-2.39
(=) Excess Retained (M)	-4.11	-1.72	-0.13
(/) Shares Outstanding (M)	16.09	16.09	16.09
(=) Excess Retained per Share	-0.26	-0.11	-0.01
LTM Dividend per Share	1.84	1.84	1.84
(+) Excess Retained per Share	-0.26	-0.11	-0.01
(=) Adjusted Dividend	1.58	1.73	1.83
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	4.27%	5.27%	6.27%
Fair Value	$66.78	$123.79	$389.34
Upside / Downside	134.16%	334.04%	1,265.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.87	33.55	35.32	37.18	39.13	41.20	42.43
Payout Ratio	92.91%	92.32%	91.74%	91.16%	90.58%	90.00%	92.50%
Projected Dividends (M)	29.61	30.97	32.40	33.89	35.45	37.08	39.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	4.27%	5.27%	6.27%
Year 1 PV (M)	28.74	29.02	29.29
Year 2 PV (M)	27.90	28.44	28.98
Year 3 PV (M)	27.08	27.87	28.67
Year 4 PV (M)	26.28	27.31	28.36
Year 5 PV (M)	25.51	26.76	28.05
PV of Terminal Value (M)	722.07	757.36	794.03
Equity Value (M)	857.59	896.75	937.39
Shares Outstanding (M)	16.09	16.09	16.09
Fair Value	$53.29	$55.72	$58.25
Upside / Downside	86.85%	95.38%	104.24%

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603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
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KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
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%
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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%
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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%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
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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603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
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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Ticker

Industry

Sector

A&W Revenue Royalties Income Fund (AW-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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