DDM Analysis: NET-UN.V

Valuation Snapshot

Stable Growth	$56.32 - $130.20	$122.02
Multi-Stage	$19.50 - $21.33	$20.40
Blended Fair Value	$71.21
Current Price	$5.48
Upside	1,199.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.61%	28.93%	0.34	0.34	0.34	0.27	0.18	0.12	0.09	0.06	0.04	0.03
YoY Growth	-	-	-0.05%	1.84%	24.91%	48.56%	52.80%	33.97%	43.57%	49.98%	20.04%	26.98%
Dividend Yield	-	-	6.47%	6.93%	6.34%	3.34%	2.61%	2.17%	1.59%	1.07%	0.71%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.48
(-) Cash Dividends Paid (M)	7.13
(=) Cash Retained (M)	6.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.70	1.68	1.01
Cash Retained (M)	6.35	6.35	6.35
(-) Cash Required (M)	-2.70	-1.68	-1.01
(=) Excess Retained (M)	3.66	4.67	5.34
(/) Shares Outstanding (M)	20.59	20.59	20.59
(=) Excess Retained per Share	0.18	0.23	0.26
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.18	0.23	0.26
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.32	$122.02	$130.20
Upside / Downside	927.77%	2,126.60%	2,275.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.48	14.36	15.29	16.28	17.34	18.47	19.02
Payout Ratio	52.87%	60.29%	67.72%	75.15%	82.57%	90.00%	92.50%
Projected Dividends (M)	7.13	8.66	10.35	12.24	14.32	16.62	17.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.05	8.13	8.20
Year 2 PV (M)	8.96	9.13	9.30
Year 3 PV (M)	9.85	10.13	10.42
Year 4 PV (M)	10.73	11.14	11.56
Year 5 PV (M)	11.58	12.14	12.72
PV of Terminal Value (M)	352.23	369.24	386.91
Equity Value (M)	401.40	419.92	439.12
Shares Outstanding (M)	20.59	20.59	20.59
Fair Value	$19.50	$20.40	$21.33
Upside / Downside	255.77%	272.18%	289.21%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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603527.SS	Anhui Zhongyuan New Materials Co., Ltd.	2.34%	$0.26	60.72%
6239.T	Nagaoka International Corporation	2.34%	$33.90	30.69%
7277.KL	Dialog Group Berhad	2.34%	$0.04	78.99%
7708.TWO	Family International Gourmet Co. Ltd.	2.34%	$2.24	40.19%
7947.T	FP Corporation	2.34%	$61.47	35.92%
7966.T	LINTEC Corporation	2.34%	$103.34	53.86%
ENGI11.SA	Energisa S.A.	2.34%	$1.10	76.21%
IHG.L	InterContinental Hotels Group PLC	2.34%	$3.28	37.32%
JR.BK	J.R.W. Utility Public Company Limited	2.34%	$0.04	36.34%
SMRA.JK	PT Summarecon Agung Tbk	2.34%	$8.99	15.00%
002056.SZ	Hengdian Group DMEGC Magnetics Co. ,Ltd	2.33%	$0.45	30.92%
002538.SZ	Anhui Sierte Fertilizer industry Ltd. ,company	2.33%	$0.15	57.55%
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1322.SR	Al Masane Al Kobra Mining Company	2.33%	$2.08	73.41%
300743.SZ	Hangzhou Todaytec Digital Co., Ltd	2.33%	$0.52	71.84%
601566.SS	Joeone Co., Ltd.	2.33%	$0.31	50.03%
605319.SS	Wuxi Zhenhua Auto Parts Co., Ltd.	2.33%	$0.49	37.82%
GIMB.BR	Gimv N.V.	2.33%	$1.02	9.10%
MOSHI.BK	Moshi Moshi Retail Corporation Public Company Limited	2.33%	$0.81	43.67%
002939.SZ	China Great Wall Securities Co.,Ltd.	2.32%	$0.24	39.54%
004360.KS	Sebang Co., Ltd	2.32%	$325.95	11.33%
1283.HK	Accel Group Holdings Limited	2.32%	$0.04	37.03%
2301.T	Gakujo Co., Ltd.	2.32%	$40.61	28.97%
4887.T	Sawai Group Holdings Co., Ltd.	2.32%	$54.74	64.15%
600079.SS	Humanwell Healthcare (Group) Co.,Ltd.	2.32%	$0.42	48.02%
600299.SS	Bluestar Adisseo Company	2.32%	$0.21	46.81%
605158.SS	Zhejiang Huada New Materials Co., Ltd.	2.32%	$0.19	57.15%
7287.T	Nippon Seiki Co., Ltd.	2.32%	$50.60	31.92%
7914.T	Kyodo Printing Co., Ltd.	2.32%	$36.67	27.27%
AZZA3.SA	Azzas 2154 S.A.	2.32%	$0.59	15.77%
HUFV-A.ST	Hufvudstaden AB (publ)	2.32%	$2.82	51.40%
002043.SZ	DeHua TB New Decoration Material Co.,Ltd	2.31%	$0.33	37.20%
1214.SR	Al Hassan Ghazi Ibrahim Shaker Company	2.31%	$0.50	34.65%
300832.SZ	Shenzhen New Industries Biomedical Engineering Co., Ltd.	2.31%	$1.30	61.96%
600233.SS	YTO Express Group Co.,Ltd.	2.31%	$0.38	32.72%
6277.T	Hosokawa Micron Corporation	2.31%	$130.24	42.63%
6728.T	ULVAC, Inc.	2.31%	$163.69	55.14%
9251.T	AB&Company Co.,Ltd.	2.31%	$27.86	39.35%
9783.T	Benesse Holdings, Inc.	2.31%	$59.98	89.83%
ALLEC.PA	Cogelec S.A.	2.31%	$0.67	46.99%
ELIT.JK	PT Data Sinergitama Jaya Tbk	2.31%	$5.00	34.02%
LUXF.BK	Luxury Real Estate Investment Fund	2.31%	$0.21	14.86%
STEC-R.BK	Sino-Thai Engineering and Construction Public Company Limited	2.31%	$0.15	95.24%
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000959.SZ	Beijing Shougang Co., Ltd.	2.30%	$0.11	71.65%
002941.SZ	Xinjiang Communications Construction Group Co., Ltd.	2.30%	$0.36	43.85%
2838.TW	Union Bank of Taiwan	2.30%	$0.45	36.18%
2947.TWO	Zhen Yu Hardware Co., Ltd.	2.30%	$1.90	56.70%
2HRA.DE	H&R GmbH & Co. KGaA	2.30%	$0.10	45.84%

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Sector

Canadian Net Real Estate Investment Trust (NET-UN.V)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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