DDM Analysis: DIF.BK

Valuation Snapshot

Stable Growth	$8.45 - $12.33	$10.32
Multi-Stage	$14.38 - $15.82	$15.08
Blended Fair Value	$12.70
Current Price	$9.05
Upside	40.38%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.26%	0.00%	0.89	0.96	1.04	1.04	1.04	0.95	0.70	0.53	0.52	0.00
YoY Growth	-	-	-7.15%	-7.62%	-0.29%	0.00%	9.72%	36.49%	31.56%	1.73%	0.00%	0.00%
Dividend Yield	-	-	11.45%	12.17%	8.20%	7.40%	8.70%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,936.20
(-) Cash Dividends Paid (M)	2,362.13
(=) Cash Retained (M)	9,574.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,387.24	1,492.03	895.22
Cash Retained (M)	9,574.07	9,574.07	9,574.07
(-) Cash Required (M)	-2,387.24	-1,492.03	-895.22
(=) Excess Retained (M)	7,186.83	8,082.04	8,678.85
(/) Shares Outstanding (M)	10,631.65	10,631.65	10,631.65
(=) Excess Retained per Share	0.68	0.76	0.82
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.68	0.76	0.82
(=) Adjusted Dividend	0.90	0.98	1.04
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.45	$10.32	$12.33
Upside / Downside	-6.66%	14.07%	36.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,936.20	11,816.84	11,698.67	11,581.69	11,465.87	11,351.21	11,691.75
Payout Ratio	19.79%	33.83%	47.87%	61.92%	75.96%	90.00%	92.50%
Projected Dividends (M)	2,362.13	3,997.84	5,600.60	7,170.90	8,709.24	10,216.09	10,814.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,650.10	3,687.35	3,724.60
Year 2 PV (M)	4,668.68	4,764.44	4,861.18
Year 3 PV (M)	5,457.74	5,626.53	5,798.75
Year 4 PV (M)	6,052.00	6,302.83	6,561.37
Year 5 PV (M)	6,481.62	6,819.13	7,170.56
PV of Terminal Value (M)	126,585.96	133,177.59	140,040.99
Equity Value (M)	152,896.10	160,377.86	168,157.45
Shares Outstanding (M)	10,631.65	10,631.65	10,631.65
Fair Value	$14.38	$15.08	$15.82
Upside / Downside	58.91%	66.68%	74.77%

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Financial Statements

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Sector

Digital Telecommunications Infrastructure Fund (DIF.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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