DDM Analysis: VRG.WA

Valuation Snapshot

Stable Growth	$6.17 - $11.56	$8.37
Multi-Stage	$6.41 - $7.02	$6.71
Blended Fair Value	$7.54
Current Price	$4.84
Upside	55.73%
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%	0.09	0.20	0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-55.00%	17.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.46%	6.38%	5.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.25
(-) Cash Dividends Paid (M)	21.10
(=) Cash Retained (M)	73.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.85	11.78	7.07
Cash Retained (M)	73.15	73.15	73.15
(-) Cash Required (M)	-18.85	-11.78	-7.07
(=) Excess Retained (M)	54.30	61.37	66.08
(/) Shares Outstanding (M)	234.13	234.13	234.13
(=) Excess Retained per Share	0.23	0.26	0.28
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.23	0.26	0.28
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	3.18%	4.18%	5.18%
Fair Value	$6.17	$8.37	$11.56
Upside / Downside	27.45%	72.84%	138.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.25	98.19	102.29	106.56	111.01	115.65	119.12
Payout Ratio	22.39%	35.91%	49.43%	62.96%	76.48%	90.00%	92.50%
Projected Dividends (M)	21.10	35.26	50.56	67.09	84.90	104.09	110.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	3.18%	4.18%	5.18%
Year 1 PV (M)	32.17	32.48	32.79
Year 2 PV (M)	42.08	42.90	43.73
Year 3 PV (M)	50.93	52.43	53.95
Year 4 PV (M)	58.80	61.12	63.50
Year 5 PV (M)	65.77	69.02	72.39
PV of Terminal Value (M)	1,251.13	1,312.95	1,377.19
Equity Value (M)	1,500.89	1,570.89	1,643.55
Shares Outstanding (M)	234.13	234.13	234.13
Fair Value	$6.41	$6.71	$7.02
Upside / Downside	32.45%	38.62%	45.04%

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VRG S.A. (VRG.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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