DDM Analysis: APZ.AX

Valuation Snapshot

Stable Growth	$13.70 - $40.30	$21.60
Multi-Stage	$9.19 - $10.04	$9.61
Blended Fair Value	$15.60
Current Price	$3.95
Upside	295.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	28.54%	2.39%	0.09	0.08	0.06	0.04	0.04	0.03	0.02	0.02	0.04	0.05
YoY Growth	-	-	20.59%	30.57%	39.34%	13.77%	40.57%	24.13%	-9.36%	-36.75%	-28.61%	-28.96%
Dividend Yield	-	-	2.39%	4.46%	3.43%	2.93%	2.89%	2.71%	2.05%	2.51%	3.44%	4.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.49
(-) Cash Dividends Paid (M)	33.72
(=) Cash Retained (M)	71.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.10	13.19	7.91
Cash Retained (M)	71.77	71.77	71.77
(-) Cash Required (M)	-21.10	-13.19	-7.91
(=) Excess Retained (M)	50.68	58.59	63.86
(/) Shares Outstanding (M)	194.92	194.92	194.92
(=) Excess Retained per Share	0.26	0.30	0.33
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.26	0.30	0.33
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.70	$21.60	$40.30
Upside / Downside	246.72%	446.75%	920.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.49	112.35	119.65	127.43	135.71	144.53	148.87
Payout Ratio	31.96%	43.57%	55.18%	66.78%	78.39%	90.00%	92.50%
Projected Dividends (M)	33.72	48.95	66.02	85.10	106.39	130.08	137.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	44.55	44.98	45.40
Year 2 PV (M)	54.69	55.74	56.79
Year 3 PV (M)	64.17	66.01	67.89
Year 4 PV (M)	73.02	75.82	78.71
Year 5 PV (M)	81.26	85.18	89.26
PV of Terminal Value (M)	1,474.17	1,545.37	1,619.30
Equity Value (M)	1,791.86	1,873.10	1,957.34
Shares Outstanding (M)	194.92	194.92	194.92
Fair Value	$9.19	$9.61	$10.04
Upside / Downside	132.73%	143.28%	154.22%

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Aspen Group (APZ.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener