DDM Analysis: MGIC

Valuation Snapshot

Stable Growth	$19.16 - $50.89	$29.30
Multi-Stage	$13.79 - $15.03	$14.40
Blended Fair Value	$21.85
Current Price	$20.41
Upside	7.06%
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	-7.71%	1.44%	0.20	0.63	0.51	0.44	0.25	0.30	0.28	0.19	0.16	0.16
YoY Growth	-	-	-67.48%	23.98%	14.05%	74.20%	-16.44%	10.49%	44.71%	20.59%	-0.35%	-10.29%
Dividend Yield	-	-	1.57%	5.28%	3.71%	2.57%	1.67%	3.79%	3.25%	2.35%	2.03%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.05
(-) Cash Dividends Paid (M)	27.64
(=) Cash Retained (M)	12.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.01	5.01	3.00
Cash Retained (M)	12.41	12.41	12.41
(-) Cash Required (M)	-8.01	-5.01	-3.00
(=) Excess Retained (M)	4.40	7.40	9.40
(/) Shares Outstanding (M)	49.10	49.10	49.10
(=) Excess Retained per Share	0.09	0.15	0.19
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.09	0.15	0.19
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.16	$29.30	$50.89
Upside / Downside	-6.15%	43.58%	149.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.05	42.65	45.42	48.37	51.52	54.87	56.51
Payout Ratio	69.02%	73.22%	77.41%	81.61%	85.80%	90.00%	92.50%
Projected Dividends (M)	27.64	31.23	35.16	39.48	44.21	49.38	52.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.36	28.62	28.89
Year 2 PV (M)	28.99	29.55	30.10
Year 3 PV (M)	29.56	30.41	31.27
Year 4 PV (M)	30.05	31.21	32.40
Year 5 PV (M)	30.48	31.96	33.49
PV of Terminal Value (M)	529.58	555.16	581.72
Equity Value (M)	677.03	706.90	737.87
Shares Outstanding (M)	49.10	49.10	49.10
Fair Value	$13.79	$14.40	$15.03
Upside / Downside	-32.44%	-29.46%	-26.37%

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Financial Statements

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Sector

Magic Software Enterprises Ltd. (MGIC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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