DDM Analysis: ETH

Valuation Snapshot

Stable Growth	$5.78 - $7.85	$6.84
Multi-Stage	$7.79 - $8.52	$8.15
Blended Fair Value	$7.49
Current Price	$39.18
Upside	-80.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-70.24%	-42.79%	0.00	1.21	1.11	1.16	1.04	0.52	1.13	0.71	0.48	0.40
YoY Growth	-	-	-99.90%	8.44%	-3.94%	11.47%	101.64%	-54.31%	59.24%	47.32%	20.34%	24.71%
Dividend Yield	-	-	0.00%	4.95%	3.40%	3.54%	3.18%	1.58%	3.45%	2.17%	1.47%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.33
(-) Cash Dividends Paid (M)	16.36
(=) Cash Retained (M)	30.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.47	5.92	3.55
Cash Retained (M)	30.97	30.97	30.97
(-) Cash Required (M)	-9.47	-5.92	-3.55
(=) Excess Retained (M)	21.50	25.05	27.42
(/) Shares Outstanding (M)	41.64	41.64	41.64
(=) Excess Retained per Share	0.52	0.60	0.66
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.52	0.60	0.66
(=) Adjusted Dividend	0.91	0.99	1.05
WACC / Discount Rate	12.71%	12.71%	12.71%
Growth Rate	-2.60%	-1.60%	-0.60%
Fair Value	$5.78	$6.84	$7.85
Upside / Downside	-85.24%	-82.55%	-79.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.33	46.57	45.82	45.09	44.37	43.66	44.97
Payout Ratio	34.57%	45.66%	56.74%	67.83%	78.91%	90.00%	92.50%
Projected Dividends (M)	16.36	21.26	26.00	30.58	35.01	39.29	41.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.71%	12.71%	12.71%
Growth Rate	-2.60%	-1.60%	-0.60%
Year 1 PV (M)	18.67	18.86	19.06
Year 2 PV (M)	20.05	20.47	20.89
Year 3 PV (M)	20.71	21.36	22.02
Year 4 PV (M)	20.82	21.69	22.59
Year 5 PV (M)	20.52	21.60	22.72
PV of Terminal Value (M)	223.64	235.36	247.57
Equity Value (M)	324.43	339.34	354.83
Shares Outstanding (M)	41.64	41.64	41.64
Fair Value	$7.79	$8.15	$8.52
Upside / Downside	-80.11%	-79.20%	-78.25%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
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%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
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%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
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%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
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%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
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%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

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Grayscale Ethereum Mini Trust (ETH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener