DDM Analysis: OCL.AX

Valuation Snapshot

Stable Growth	$12.83 - $30.87	$19.01
Multi-Stage	$9.41 - $10.26	$9.83
Blended Fair Value	$14.42
Current Price	$19.16
Upside	-24.73%
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	34.76%	23.16%	0.26	0.13	0.11	0.09	0.07	0.06	0.05	0.05	0.04	0.04
YoY Growth	-	-	93.96%	23.12%	22.82%	28.85%	17.59%	21.29%	2.79%	22.35%	7.36%	10.36%
Dividend Yield	-	-	1.34%	1.13%	0.78%	0.64%	0.39%	0.78%	1.70%	1.32%	1.71%	1.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.56
(-) Cash Dividends Paid (M)	33.25
(=) Cash Retained (M)	24.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.51	7.20	4.32
Cash Retained (M)	24.31	24.31	24.31
(-) Cash Required (M)	-11.51	-7.20	-4.32
(=) Excess Retained (M)	12.80	17.12	20.00
(/) Shares Outstanding (M)	96.68	96.68	96.68
(=) Excess Retained per Share	0.13	0.18	0.21
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.13	0.18	0.21
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.83	$19.01	$30.87
Upside / Downside	-33.06%	-0.76%	61.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.56	61.30	65.29	69.53	74.05	78.86	81.23
Payout Ratio	57.76%	64.21%	70.66%	77.10%	83.55%	90.00%	92.50%
Projected Dividends (M)	33.25	39.36	46.13	53.61	61.87	70.98	75.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35.64	35.97	36.31
Year 2 PV (M)	37.81	38.53	39.26
Year 3 PV (M)	39.78	40.92	42.09
Year 4 PV (M)	41.57	43.16	44.81
Year 5 PV (M)	43.17	45.26	47.42
PV of Terminal Value (M)	712.07	746.47	782.18
Equity Value (M)	910.04	950.32	992.06
Shares Outstanding (M)	96.68	96.68	96.68
Fair Value	$9.41	$9.83	$10.26
Upside / Downside	-50.87%	-48.70%	-46.44%

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Objective Corporation Limited (OCL.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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