DDM Analysis: CRD-A

Valuation Snapshot

Stable Growth	$6.14 - $9.48	$7.69
Multi-Stage	$9.92 - $10.88	$10.39
Blended Fair Value	$9.04
Current Price	$10.70
Upside	-15.53%
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	0.87%	1.62%	0.28	0.25	0.24	0.25	0.19	0.26	0.27	0.27	0.27	0.27
YoY Growth	-	-	8.30%	7.25%	-6.48%	31.29%	-26.77%	-2.64%	-1.26%	1.00%	0.40%	15.31%
Dividend Yield	-	-	2.41%	2.82%	2.84%	3.35%	1.81%	3.66%	2.98%	3.42%	3.34%	4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.60
(-) Cash Dividends Paid (M)	14.07
(=) Cash Retained (M)	18.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.52	4.07	2.44
Cash Retained (M)	18.52	18.52	18.52
(-) Cash Required (M)	-6.52	-4.07	-2.44
(=) Excess Retained (M)	12.00	14.45	16.08
(/) Shares Outstanding (M)	49.94	49.94	49.94
(=) Excess Retained per Share	0.24	0.29	0.32
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.24	0.29	0.32
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	-0.38%	0.62%	1.62%
Fair Value	$6.14	$7.69	$9.48
Upside / Downside	-42.63%	-28.14%	-11.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.60	32.80	33.00	33.20	33.41	33.61	34.62
Payout Ratio	43.18%	52.54%	61.91%	71.27%	80.64%	90.00%	92.50%
Projected Dividends (M)	14.07	17.23	20.43	23.66	26.94	30.25	32.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	-0.38%	0.62%	1.62%
Year 1 PV (M)	15.78	15.94	16.10
Year 2 PV (M)	17.14	17.48	17.83
Year 3 PV (M)	18.18	18.74	19.30
Year 4 PV (M)	18.96	19.73	20.53
Year 5 PV (M)	19.50	20.50	21.54
PV of Terminal Value (M)	405.55	426.32	447.93
Equity Value (M)	495.12	518.72	543.24
Shares Outstanding (M)	49.94	49.94	49.94
Fair Value	$9.92	$10.39	$10.88
Upside / Downside	-7.33%	-2.92%	1.67%

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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%
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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%
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7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
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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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Crawford & Company (CRD-A)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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