DDM Analysis: D2O.AX

Valuation Snapshot

Stable Growth	$2.77 - $4.54	$3.56
Multi-Stage	$8.64 - $9.53	$9.07
Blended Fair Value	$6.32
Current Price	$1.52
Upside	315.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.92%	0.00%	0.06	0.05	0.05	0.04	0.04	0.04	0.02	0.01	0.00	0.00
YoY Growth	-	-	18.36%	20.62%	4.20%	3.51%	9.03%	94.77%	254.42%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.83%	3.42%	2.83%	2.88%	3.04%	2.71%	1.33%	0.51%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.35
(-) Cash Dividends Paid (M)	18.93
(=) Cash Retained (M)	18.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.47	4.67	2.80
Cash Retained (M)	18.42	18.42	18.42
(-) Cash Required (M)	-7.47	-4.67	-2.80
(=) Excess Retained (M)	10.95	13.75	15.62
(/) Shares Outstanding (M)	147.80	147.80	147.80
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	5.15%	5.15%	5.15%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.77	$3.56	$4.54
Upside / Downside	82.36%	134.27%	198.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.35	36.97	36.60	36.24	35.88	35.52	36.58
Payout Ratio	50.68%	58.54%	66.41%	74.27%	82.14%	90.00%	92.50%
Projected Dividends (M)	18.93	21.65	24.31	26.91	29.47	31.97	33.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.15%	5.15%	5.15%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.38	20.59	20.79
Year 2 PV (M)	21.54	21.99	22.43
Year 3 PV (M)	22.46	23.15	23.86
Year 4 PV (M)	23.15	24.11	25.10
Year 5 PV (M)	23.64	24.87	26.15
PV of Terminal Value (M)	1,165.64	1,226.34	1,289.54
Equity Value (M)	1,276.81	1,341.05	1,407.88
Shares Outstanding (M)	147.80	147.80	147.80
Fair Value	$8.64	$9.07	$9.53
Upside / Downside	468.33%	496.92%	526.67%

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Duxton Water Limited (D2O.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener