DDM Analysis: WSR

Valuation Snapshot

Stable Growth	$14.73 - $29.76	$20.55
Multi-Stage	$15.83 - $17.31	$16.56
Blended Fair Value	$18.55
Current Price	$12.28
Upside	51.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.64%	-0.39%	0.47	0.46	0.44	0.37	0.49	0.88	0.87	0.78	0.62	0.55
YoY Growth	-	-	3.75%	3.16%	18.83%	-23.34%	-44.76%	1.52%	11.05%	26.83%	12.14%	11.43%
Dividend Yield	-	-	3.25%	3.74%	4.81%	2.81%	5.01%	14.19%	7.16%	7.51%	4.45%	4.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44.43
(-) Cash Dividends Paid (M)	26.80
(=) Cash Retained (M)	17.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.89	5.55	3.33
Cash Retained (M)	17.63	17.63	17.63
(-) Cash Required (M)	-8.89	-5.55	-3.33
(=) Excess Retained (M)	8.75	12.08	14.30
(/) Shares Outstanding (M)	51.86	51.86	51.86
(=) Excess Retained per Share	0.17	0.23	0.28
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.17	0.23	0.28
(=) Adjusted Dividend	0.69	0.75	0.79
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	3.23%	4.23%	5.23%
Fair Value	$14.73	$20.55	$29.76
Upside / Downside	19.98%	67.35%	142.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.43	46.30	48.26	50.30	52.43	54.65	56.29
Payout Ratio	60.32%	66.25%	72.19%	78.13%	84.06%	90.00%	92.50%
Projected Dividends (M)	26.80	30.68	34.84	39.30	44.07	49.18	52.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	3.23%	4.23%	5.23%
Year 1 PV (M)	28.12	28.40	28.67
Year 2 PV (M)	29.28	29.85	30.43
Year 3 PV (M)	30.28	31.17	32.08
Year 4 PV (M)	31.14	32.36	33.62
Year 5 PV (M)	31.85	33.43	35.06
PV of Terminal Value (M)	670.28	703.38	737.78
Equity Value (M)	820.96	858.59	897.63
Shares Outstanding (M)	51.86	51.86	51.86
Fair Value	$15.83	$16.56	$17.31
Upside / Downside	28.91%	34.82%	40.95%

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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
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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%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
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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%
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Whitestone REIT (WSR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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