DDM Analysis: NEN

Valuation Snapshot

Stable Growth	$131.43 - $649.96	$277.29
Multi-Stage	$108.55 - $118.89	$113.63
Blended Fair Value	$195.46
Current Price	$71.50
Upside	173.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	2.64	1.33	1.33	1.34	1.28	2.28	1.92	1.08
YoY Growth	-	-	0.00%	-100.00%	98.32%	-0.06%	-0.45%	4.89%	-43.93%	18.67%	77.76%	-1.88%
Dividend Yield	-	-	0.00%	0.00%	3.62%	1.66%	2.41%	2.85%	1.93%	3.25%	2.78%	2.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.64
(-) Cash Dividends Paid (M)	8.52
(=) Cash Retained (M)	3.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.33	1.45	0.87
Cash Retained (M)	3.12	3.12	3.12
(-) Cash Required (M)	-2.33	-1.45	-0.87
(=) Excess Retained (M)	0.79	1.66	2.24
(/) Shares Outstanding (M)	3.51	3.51	3.51
(=) Excess Retained per Share	0.22	0.47	0.64
LTM Dividend per Share	2.43	2.43	2.43
(+) Excess Retained per Share	0.22	0.47	0.64
(=) Adjusted Dividend	2.65	2.90	3.07
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$131.43	$277.29	$649.96
Upside / Downside	83.81%	287.82%	809.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.64	12.21	12.81	13.43	14.09	14.78	15.22
Payout Ratio	73.23%	76.58%	79.94%	83.29%	86.65%	90.00%	92.50%
Projected Dividends (M)	8.52	9.35	10.24	11.19	12.21	13.30	14.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	8.74	8.82	8.91
Year 2 PV (M)	8.94	9.11	9.29
Year 3 PV (M)	9.13	9.40	9.67
Year 4 PV (M)	9.31	9.67	10.05
Year 5 PV (M)	9.48	9.94	10.43
PV of Terminal Value (M)	335.25	351.69	368.78
Equity Value (M)	380.84	398.64	417.11
Shares Outstanding (M)	3.51	3.51	3.51
Fair Value	$108.55	$113.63	$118.89
Upside / Downside	51.82%	58.92%	66.28%

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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%
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Financial Statements

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New England Realty Associates Limited Partnership (NEN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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