DDM Analysis: ULG.WA

Valuation Snapshot

Stable Growth	$22.33 - $93.05	$38.46
Multi-Stage	$68.69 - $75.87	$72.20
Blended Fair Value	$55.33
Current Price	$11.00
Upside	403.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.39%	0.00%	0.50	0.50	1.51	2.02	0.40	0.35	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-66.67%	-25.00%	400.00%	14.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.51%	4.33%	10.60%	8.88%	1.39%	2.36%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.12
(-) Cash Dividends Paid (M)	2.62
(=) Cash Retained (M)	1.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.82	0.52	0.31
Cash Retained (M)	1.51	1.51	1.51
(-) Cash Required (M)	-0.82	-0.52	-0.31
(=) Excess Retained (M)	0.68	0.99	1.20
(/) Shares Outstanding (M)	5.19	5.19	5.19
(=) Excess Retained per Share	0.13	0.19	0.23
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.13	0.19	0.23
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	0.79%	0.79%	0.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$22.33	$38.46	$93.05
Upside / Downside	103.01%	249.62%	745.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.12	4.08	4.04	4.00	3.96	3.92	4.04
Payout Ratio	63.41%	68.73%	74.05%	79.36%	84.68%	90.00%	92.50%
Projected Dividends (M)	2.62	2.81	2.99	3.18	3.35	3.53	3.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.79%	0.79%	0.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.76	2.78	2.81
Year 2 PV (M)	2.89	2.95	3.01
Year 3 PV (M)	3.01	3.10	3.20
Year 4 PV (M)	3.12	3.25	3.38
Year 5 PV (M)	3.23	3.39	3.57
PV of Terminal Value (M)	341.46	359.24	377.76
Equity Value (M)	356.46	374.72	393.72
Shares Outstanding (M)	5.19	5.19	5.19
Fair Value	$68.69	$72.20	$75.87
Upside / Downside	524.42%	556.40%	589.70%

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Ultimate Games S.A. (ULG.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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