DDM Analysis: FGX.AX

Valuation Snapshot

Stable Growth	$10.97 - $42.05	$31.41
Multi-Stage	$5.29 - $5.78	$5.53
Blended Fair Value	$18.47
Current Price	$1.22
Upside	1,414.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2016
DPS	11.05%	0.00%	0.07	0.06	0.06	0.05	0.05	0.04	0.03	0.03	0.02	0.02
YoY Growth	-	-	14.18%	8.04%	13.02%	7.91%	12.23%	19.98%	7.26%	26.27%	33.66%	0.00%
Dividend Yield	-	-	5.43%	5.35%	4.78%	3.48%	3.64%	3.46%	2.86%	2.69%	2.13%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.26
(-) Cash Dividends Paid (M)	48.51
(=) Cash Retained (M)	37.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.25	10.78	6.47
Cash Retained (M)	37.75	37.75	37.75
(-) Cash Required (M)	-17.25	-10.78	-6.47
(=) Excess Retained (M)	20.50	26.97	31.29
(/) Shares Outstanding (M)	407.97	407.97	407.97
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.97	$31.41	$42.05
Upside / Downside	798.86%	2,474.50%	3,346.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.26	91.87	97.84	104.20	110.97	118.18	121.73
Payout Ratio	56.23%	62.99%	69.74%	76.49%	83.25%	90.00%	92.50%
Projected Dividends (M)	48.51	57.86	68.23	79.70	92.38	106.37	112.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.51	54.01	54.52
Year 2 PV (M)	58.34	59.45	60.58
Year 3 PV (M)	63.02	64.83	66.67
Year 4 PV (M)	67.54	70.14	72.81
Year 5 PV (M)	71.91	75.39	78.99
PV of Terminal Value (M)	1,844.52	1,933.61	2,026.11
Equity Value (M)	2,158.84	2,257.43	2,359.68
Shares Outstanding (M)	407.97	407.97	407.97
Fair Value	$5.29	$5.53	$5.78
Upside / Downside	333.74%	353.55%	374.09%

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4912.T	Lion Corporation	1.64%	$27.13	35.97%
5328.TWO	Hua Jung Components Co.,Ltd.	1.64%	$0.35	73.35%
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%
SRSOLTD.BO	Silicon Rental Solutions Ltd.	1.64%	$1.90	9.23%
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%
GRMN	Garmin Ltd.	1.62%	$3.28	40.42%
RUBFILA.BO	Rubfila International Limited	1.62%	$1.20	22.45%
VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
WAS.WA	Wasko S.A.	1.62%	$0.03	19.20%
002152.SZ	GRG Banking Equipment Co., Ltd.	1.61%	$0.22	65.18%
002457.SZ	Ningxia Qinglong Pipes Industry Group Co., Ltd.	1.61%	$0.18	28.21%
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%
603181.SS	Zhejiang Huangma Technology Co.,Ltd	1.61%	$0.23	29.53%
603416.SS	WuXi Xinje Electric Co.,Ltd.	1.61%	$0.89	59.24%
ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
H22.SI	Hong Leong Asia Ltd.	1.61%	$0.04	31.75%
MATAS.CO	Matas A/S	1.61%	$2.00	26.57%
SRSN.JK	PT Indo Acidatama Tbk	1.61%	$1.00	12.49%
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Future Generation Australia Limited (FGX.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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