DDM Analysis: GPW.WA

Valuation Snapshot

Stable Growth	$73.46 - $144.02	$101.33
Multi-Stage	$102.55 - $112.37	$107.37
Blended Fair Value	$104.35
Current Price	$51.45
Upside	102.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.16%	9.55%	3.00	2.70	2.74	2.50	2.40	3.18	2.20	2.15	2.36	2.40
YoY Growth	-	-	11.08%	-1.45%	9.33%	4.46%	-24.53%	44.52%	2.31%	-8.92%	-1.61%	99.17%
Dividend Yield	-	-	6.61%	6.39%	7.62%	6.12%	5.23%	9.21%	5.31%	5.20%	5.31%	6.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	189.99
(-) Cash Dividends Paid (M)	125.92
(=) Cash Retained (M)	64.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.00	23.75	14.25
Cash Retained (M)	64.07	64.07	64.07
(-) Cash Required (M)	-38.00	-23.75	-14.25
(=) Excess Retained (M)	26.07	40.32	49.82
(/) Shares Outstanding (M)	42.02	42.02	42.02
(=) Excess Retained per Share	0.62	0.96	1.19
LTM Dividend per Share	3.00	3.00	3.00
(+) Excess Retained per Share	0.62	0.96	1.19
(=) Adjusted Dividend	3.62	3.96	4.18
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	1.88%	2.88%	3.88%
Fair Value	$73.46	$101.33	$144.02
Upside / Downside	42.78%	96.95%	179.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	189.99	195.47	201.10	206.90	212.87	219.01	225.58
Payout Ratio	66.28%	71.02%	75.77%	80.51%	85.26%	90.00%	92.50%
Projected Dividends (M)	125.92	138.82	152.37	166.58	181.48	197.11	208.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	1.88%	2.88%	3.88%
Year 1 PV (M)	128.60	129.86	131.12
Year 2 PV (M)	130.75	133.33	135.93
Year 3 PV (M)	132.42	136.36	140.37
Year 4 PV (M)	133.64	138.97	144.45
Year 5 PV (M)	134.46	141.19	148.18
PV of Terminal Value (M)	3,648.74	3,831.36	4,021.21
Equity Value (M)	4,308.61	4,511.06	4,721.27
Shares Outstanding (M)	42.02	42.02	42.02
Fair Value	$102.55	$107.37	$112.37
Upside / Downside	99.31%	108.68%	118.40%

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Gielda Papierów Wartosciowych w Warszawie S.A. (GPW.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener