DDM Analysis: E28.SI

Valuation Snapshot

Stable Growth	$1.05 - $1.72	$1.35
Multi-Stage	$1.29 - $1.41	$1.35
Blended Fair Value	$1.35
Current Price	$1.24
Upside	8.72%
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	1.44%	5.59%	0.02	0.04	0.04	0.03	0.03	0.02	0.02	0.01	0.01	0.01
YoY Growth	-	-	-37.36%	-11.86%	37.67%	0.39%	40.79%	-9.87%	102.31%	63.54%	-24.91%	-28.42%
Dividend Yield	-	-	2.17%	2.19%	3.65%	1.52%	2.26%	2.29%	4.24%	1.92%	1.92%	4.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.92
(-) Cash Dividends Paid (M)	11.15
(=) Cash Retained (M)	27.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.78	4.86	2.92
Cash Retained (M)	27.77	27.77	27.77
(-) Cash Required (M)	-7.78	-4.86	-2.92
(=) Excess Retained (M)	19.99	22.91	24.85
(/) Shares Outstanding (M)	427.51	427.51	427.51
(=) Excess Retained per Share	0.05	0.05	0.06
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.05	0.05	0.06
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	1.80%	2.80%	3.80%
Fair Value	$1.05	$1.35	$1.72
Upside / Downside	-15.63%	8.49%	38.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.92	40.01	41.13	42.28	43.46	44.68	46.02
Payout Ratio	28.64%	40.91%	53.19%	65.46%	77.73%	90.00%	92.50%
Projected Dividends (M)	11.15	16.37	21.87	27.68	33.78	40.21	42.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	1.80%	2.80%	3.80%
Year 1 PV (M)	14.89	15.03	15.18
Year 2 PV (M)	18.09	18.45	18.81
Year 3 PV (M)	20.82	21.44	22.07
Year 4 PV (M)	23.11	24.03	24.98
Year 5 PV (M)	25.02	26.27	27.57
PV of Terminal Value (M)	449.78	472.31	495.73
Equity Value (M)	551.70	577.53	604.34
Shares Outstanding (M)	427.51	427.51	427.51
Fair Value	$1.29	$1.35	$1.41
Upside / Downside	4.07%	8.94%	14.00%

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Frencken Group Limited (E28.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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