DDM Analysis: ING.AX

Valuation Snapshot

Stable Growth	$7.70 - $14.64	$10.50
Multi-Stage	$25.41 - $28.00	$26.68
Blended Fair Value	$18.59
Current Price	$3.55
Upside	423.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.33%	-13.88%	0.19	0.22	0.05	0.15	0.14	0.18	0.21	0.19	0.03	0.00
YoY Growth	-	-	-13.69%	339.78%	-67.71%	9.09%	-20.12%	-14.27%	9.21%	627.84%	0.00%	-100.00%
Dividend Yield	-	-	5.31%	6.02%	1.90%	5.96%	3.54%	5.52%	5.12%	4.94%	0.77%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191.30
(-) Cash Dividends Paid (M)	152.40
(=) Cash Retained (M)	38.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.26	23.91	14.35
Cash Retained (M)	38.90	38.90	38.90
(-) Cash Required (M)	-38.26	-23.91	-14.35
(=) Excess Retained (M)	0.64	14.99	24.55
(/) Shares Outstanding (M)	374.45	374.45	374.45
(=) Excess Retained per Share	0.00	0.04	0.07
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.00	0.04	0.07
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	4.60%	4.60%	4.60%
Growth Rate	-0.67%	0.33%	1.33%
Fair Value	$7.70	$10.50	$14.64
Upside / Downside	116.95%	195.79%	312.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191.30	191.92	192.55	193.18	193.81	194.44	200.27
Payout Ratio	79.67%	81.73%	83.80%	85.87%	87.93%	90.00%	92.50%
Projected Dividends (M)	152.40	156.86	161.35	165.87	170.42	174.99	185.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.60%	4.60%	4.60%
Growth Rate	-0.67%	0.33%	1.33%
Year 1 PV (M)	148.47	149.97	151.46
Year 2 PV (M)	144.56	147.48	150.44
Year 3 PV (M)	140.66	144.95	149.33
Year 4 PV (M)	136.79	142.38	148.14
Year 5 PV (M)	132.95	139.77	146.88
PV of Terminal Value (M)	8,812.98	9,265.65	9,736.72
Equity Value (M)	9,516.41	9,990.20	10,482.97
Shares Outstanding (M)	374.45	374.45	374.45
Fair Value	$25.41	$26.68	$28.00
Upside / Downside	615.90%	651.54%	688.61%

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Inghams Group Limited (ING.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener