DDM Analysis: DVR.AX

Valuation Snapshot

Stable Growth	$4.85 - $18.59	$13.88
Multi-Stage	$2.36 - $2.58	$2.47
Blended Fair Value	$8.18
Current Price	$1.26
Upside	548.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	47.68%	0.05	0.05	0.09	0.03	0.03	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	11.10%	-49.42%	174.94%	25.56%	0.00%	0.00%	0.00%	-100.00%	87.61%	106.22%
Dividend Yield	-	-	6.42%	5.70%	8.87%	4.43%	2.82%	0.00%	0.00%	0.00%	0.58%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.77
(-) Cash Dividends Paid (M)	2.64
(=) Cash Retained (M)	1.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.75	0.47	0.28
Cash Retained (M)	1.14	1.14	1.14
(-) Cash Required (M)	-0.75	-0.47	-0.28
(=) Excess Retained (M)	0.38	0.66	0.85
(/) Shares Outstanding (M)	40.36	40.36	40.36
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.85	$13.88	$18.59
Upside / Downside	284.70%	1,001.86%	1,375.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.77	4.02	4.28	4.56	4.85	5.17	5.32
Payout Ratio	69.90%	73.92%	77.94%	81.96%	85.98%	90.00%	92.50%
Projected Dividends (M)	2.64	2.97	3.33	3.73	4.17	4.65	4.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2.75	2.77	2.80
Year 2 PV (M)	2.85	2.91	2.96
Year 3 PV (M)	2.95	3.04	3.12
Year 4 PV (M)	3.05	3.17	3.29
Year 5 PV (M)	3.14	3.30	3.45
PV of Terminal Value (M)	80.66	84.55	88.60
Equity Value (M)	95.40	99.73	104.22
Shares Outstanding (M)	40.36	40.36	40.36
Fair Value	$2.36	$2.47	$2.58
Upside / Downside	87.60%	96.12%	104.95%

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Diverger Limited (DVR.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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