DDM Analysis: AIV

Valuation Snapshot

Stable Growth	$12.98 - $18.84	$15.82
Multi-Stage	$21.98 - $24.14	$23.04
Blended Fair Value	$19.43
Current Price	$7.93
Upside	145.04%
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%	0.00	0.00	0.02	0.00	0.00	0.00	0.00	1.70	1.57	1.42
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	8.17%	10.82%	22.70%
Dividend Yield	-	-	0.00%	0.00%	0.29%	0.00%	0.00%	0.00%	0.00%	31.35%	26.62%	25.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.67
(-) Cash Dividends Paid (M)	88.21
(=) Cash Retained (M)	155.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.73	30.46	18.28
Cash Retained (M)	155.46	155.46	155.46
(-) Cash Required (M)	-48.73	-30.46	-18.28
(=) Excess Retained (M)	106.72	125.00	137.18
(/) Shares Outstanding (M)	137.46	137.46	137.46
(=) Excess Retained per Share	0.78	0.91	1.00
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	0.78	0.91	1.00
(=) Adjusted Dividend	1.42	1.55	1.64
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.98	$15.82	$18.84
Upside / Downside	63.72%	99.54%	137.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.67	241.24	238.82	236.43	234.07	231.73	238.68
Payout Ratio	36.20%	46.96%	57.72%	68.48%	79.24%	90.00%	92.50%
Projected Dividends (M)	88.21	113.29	137.85	161.91	185.48	208.56	220.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	103.16	104.22	105.27
Year 2 PV (M)	114.31	116.66	119.03
Year 3 PV (M)	122.27	126.05	129.91
Year 4 PV (M)	127.55	132.83	138.28
Year 5 PV (M)	130.60	137.40	144.48
PV of Terminal Value (M)	2,423.66	2,549.87	2,681.28
Equity Value (M)	3,021.55	3,167.02	3,318.24
Shares Outstanding (M)	137.46	137.46	137.46
Fair Value	$21.98	$23.04	$24.14
Upside / Downside	177.19%	190.53%	204.40%

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600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
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002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
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VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
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002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
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ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
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Apartment Investment and Management Company (AIV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener