DDM Analysis: SIQ.AX

Valuation Snapshot

Stable Growth	$12.13 - $19.63	$15.50
Multi-Stage	$25.62 - $28.14	$26.85
Blended Fair Value	$21.18
Current Price	$7.37
Upside	187.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.32%	0.00%	0.51	0.45	0.67	0.50	0.39	0.63	0.39	0.30	0.16	0.11
YoY Growth	-	-	11.77%	-32.84%	33.60%	29.02%	-38.03%	60.86%	32.14%	84.50%	45.49%	0.00%
Dividend Yield	-	-	6.51%	5.26%	13.21%	6.51%	5.72%	9.09%	4.42%	2.73%	2.56%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.66
(-) Cash Dividends Paid (M)	113.06
(=) Cash Retained (M)	33.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.33	18.33	11.00
Cash Retained (M)	33.61	33.61	33.61
(-) Cash Required (M)	-29.33	-18.33	-11.00
(=) Excess Retained (M)	4.27	15.27	22.61
(/) Shares Outstanding (M)	130.09	130.09	130.09
(=) Excess Retained per Share	0.03	0.12	0.17
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	0.03	0.12	0.17
(=) Adjusted Dividend	0.90	0.99	1.04
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-0.92%	0.08%	1.08%
Fair Value	$12.13	$15.50	$19.63
Upside / Downside	64.55%	110.34%	166.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.66	146.78	146.90	147.02	147.13	147.25	151.67
Payout Ratio	77.09%	79.67%	82.25%	84.83%	87.42%	90.00%	92.50%
Projected Dividends (M)	113.06	116.94	120.83	124.72	128.62	132.53	140.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-0.92%	0.08%	1.08%
Year 1 PV (M)	108.76	109.85	110.95
Year 2 PV (M)	104.51	106.63	108.77
Year 3 PV (M)	100.33	103.40	106.53
Year 4 PV (M)	96.23	100.17	104.24
Year 5 PV (M)	92.21	96.96	101.90
PV of Terminal Value (M)	2,830.32	2,976.06	3,127.75
Equity Value (M)	3,332.36	3,493.08	3,660.14
Shares Outstanding (M)	130.09	130.09	130.09
Fair Value	$25.62	$26.85	$28.14
Upside / Downside	247.58%	264.34%	281.77%

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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%
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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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Smartgroup Corporation Ltd (SIQ.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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