DDM Analysis: MPV

Valuation Snapshot

Stable Growth	$51.87 - $104.82	$72.36
Multi-Stage	$86.04 - $94.32	$90.10
Blended Fair Value	$81.23
Current Price	$20.11
Upside	303.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.23%	3.35%	1.44	1.17	0.81	0.79	0.86	1.07	1.06	1.05	1.05	1.04
YoY Growth	-	-	23.23%	43.90%	2.50%	-8.01%	-19.09%	0.63%	0.68%	0.62%	0.36%	0.44%
Dividend Yield	-	-	8.45%	7.51%	6.61%	5.37%	7.27%	6.62%	7.05%	7.34%	7.38%	7.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.78
(-) Cash Dividends Paid (M)	31.39
(=) Cash Retained (M)	1.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.56	4.10	2.46
Cash Retained (M)	1.38	1.38	1.38
(-) Cash Required (M)	-6.56	-4.10	-2.46
(=) Excess Retained (M)	-5.17	-2.71	-1.07
(/) Shares Outstanding (M)	10.67	10.67	10.67
(=) Excess Retained per Share	-0.48	-0.25	-0.10
LTM Dividend per Share	2.94	2.94	2.94
(+) Excess Retained per Share	-0.48	-0.25	-0.10
(=) Adjusted Dividend	2.46	2.69	2.84
WACC / Discount Rate	6.15%	6.15%	6.15%
Growth Rate	1.35%	2.35%	3.35%
Fair Value	$51.87	$72.36	$104.82
Upside / Downside	157.93%	259.84%	421.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.78	33.55	34.34	35.14	35.97	36.82	37.92
Payout Ratio	95.78%	94.62%	93.47%	92.31%	91.16%	90.00%	92.50%
Projected Dividends (M)	31.39	31.74	32.09	32.44	32.79	33.13	35.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.15%	6.15%	6.15%
Growth Rate	1.35%	2.35%	3.35%
Year 1 PV (M)	29.61	29.90	30.20
Year 2 PV (M)	27.93	28.48	29.04
Year 3 PV (M)	26.33	27.12	27.92
Year 4 PV (M)	24.83	25.82	26.85
Year 5 PV (M)	23.41	24.58	25.81
PV of Terminal Value (M)	786.01	825.56	866.69
Equity Value (M)	918.12	961.47	1,006.50
Shares Outstanding (M)	10.67	10.67	10.67
Fair Value	$86.04	$90.10	$94.32
Upside / Downside	327.84%	348.04%	369.02%

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Barings Participation Investors (MPV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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